Converted to 2006 dollars:Damage wrote:Let see the numbers then big fella. 1 to 10 please.
Newcastle earthquake (1989): 4.3 billion
TC Tracy (1974): 3.65 billion
Sydney Hailstorm (1999): 3.3 billion
Brisbane flood (1974): 2.09 billion
Brisbane Hailstorm (1985): 1.71 billion
Ash Wednesday bushfires (1983): 1.63 billion
Sydney Hailstorm (1990): 1.47 billion
TC Madge (1973): 1.15 billion
Sydney Hailstorm (1976): 730 million
Sydney Hailstorm (1986): 710 million
Those figures are from 2008, so the Vic bushfires aren't included.
Yep, that's also why the main source of insured losses is either building or vehicle insurance, not contents.Damage wrote:Anyway, most of the qld flood damage is not covered by insurance so isn't that a bit of an apples and oranges arguement? (ie a hailstorm is > THAT's why theirs a flood levy as much as anything no?)
But I maintain it's not a good idea to have a levy.
The disasters that affected half the state were in part separate events that happened to occur at the same time.Damage wrote:What, natural disasters that affect half the state? On what basis do you say this?
I meant natural disasters aren't going to stop, they are a part of life in Australia. You can keep returning to the scale of the current floods, I'll keep returning to the fact that the cumulative result means we should have a smarter way of responding.
Interestingly, the insurance industry has been making noises about compulsory insurance like the type Deesee mentioned since 1976.
http://www.actuaries.asn.au/library/eve ... cCourt.pdf
Though that is in part because they could then have the Govt running as guarantor for the riskiest properties and expand their financial base. And experience in the US means that it encourages risky development patterns.