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Old October 20 2013, 11:51 AM   #18
jazamul
Vice Admiral
 
Location: Brisbane, Australia
Re: Australian Trekbbsers

I'm still in Brisbane, so I'm not affected.

Going to be an interesting few weeks at work though. I work for an insurance company, and we have a huge share of the home market in nsw.

From an insurance perspective, this is not good. Not for the obvious reason of having to pay out to individuals. That's fine. It's about re-insurance. This is big enough that both Suncorp and IAG are most likely going to have to claim themselves. Even if the big 2 don't end up claiming, it's going to hurt re-insurance. Australia really needs a few good years of no major natural disasters to counter-balance what happened 2010 and 2011. If this is typical of the type of summer we're going to have this year... everyone, expect your premiums to go up because you can bet your bottom dollar, re-insurance is going to sky rocket again.

I know some people will think it a bit heartless to consider what impact this is going to have on insurance, both individually and from a corporate perspective, but I can't help it. It is just the way my mind works these days.
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