Suncorp Group chief executive Patrick Snowball has warned that reoccurring natural disasters might drive multinational re-insurance companies out of the Australian market.
Speaking to ABC TV’s Inside Business, Mr Snowball said that many people in Queensland did not have flood insurance, which was causing re-insurers to avoid targeting the state.
He said the driving force of premiums in the global re-insurance market was the frequency of natural disasters.
“We’ve got to understand that if this becomes a year-in, year-out problem, the re-insurers are not going to be looking to their premium being risk mitigation in Australia, they’re going to think that it’s going to have to carry a premium,” he said. ...
Australia weather disasters may drive out re-insurers