Weather specialists in Australia have predicted sever storms and cyclones this coming summer, giving insurance companies like Insurance Australia Group (IAG) a lot to worry about.
CEO of insurance giant Insurance Australia Group, Mike Wilikins is calling on Governments, and other industry bodies to address the current levels of natural disaster and infrastructure protection. In addition to investing in insurance protection, the CEO has stated authorities need to impose clearer and tougher zoning laws.
Mr Wilikins and his team have carried out extensive research and have predicted severe storms and potential damage to double in the next 40 years and has labelled the current level of investment “woefully inadequate” to deal with these conditions.
After an American Chamber of Commerce meeting was held in Sydney yesterday, Mr Wilikins informed attendees of his predictions as well as the need for protection of homes, businesses and the devastating damage caused by natural disasters. He claimed “If we don’t take action, we’re doomed to repeat this cycle of destruction, devastation, slow rebuild and lost productivity over and over again into the future”.
With this past year of cyclones, severe weather and bushfires, IAG have released figures indicating the business have dealt with approximately 150,000 claims above the normal demand. Mike Wilikins of IAG has also confirmed circulating rumours of premiums rising and are likely to continue that way if the issue is not addressed.
IAG own NRMA insurance, CGU, SGIO, and SGIC offering an entire range of insurance products including Home and Contents, Travel Insurance, and motor vehicle insurance and much more.
Krystal Ayoub
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