- Joined
- 2 July 2008
- Posts
- 7,102
- Reactions
- 6
Australia says flood cost to top other disasters
Reuters, CANBERRA
Floods devastating huge areas of Australia’s eastern seaboard, including the nation’s third-largest city, look set to be the costliest natural disaster ever in a country known for climatic extremes, Australian Deputy Prime Minister Wayne Swan said yesterday.
The floods in the major resource state of Queensland, which have swept through an area the size of South Africa, and overnight in 46 towns in Victoria State, would not delay a promised return to surplus next year and in 2013, Swan said.
However, the huge rebuilding and cleanup cost could force difficult spending cuts.
The estimated cost of rebuilding the worst hit Queensland state alone stood at A$10 billion (US$9.8 billion), the Australian newspaper said yesterday, and the damage bill was rising fast as record flooding moved south to northern and western Victoria.
Bligh wants to use her flood inquiry to put the boot into the Insurance companies. They have taken over from the banks as the designated blood suckers of the community.
Not a day passes when the media does not give cases of insurances' alleged unfair practices, mostly anecdotal, using all sorts of pejorative terms. The whingers make comments like "I have been paying them for years and now they say I am not covered".
Gillard even thinks they should make ex gratia payments. Nobody has yet explained why anyone who doesn't have flood cover in their policy should have an expectation they should be paid out. After all you get what you pay for.
The insurance companies are businesses, not charities, and have a duty to their shareholders. I have shares in IAG and the last thing I want to see is them bowing under to pressures from socialists like Bligh and Gillard.
Today I announced further allocations under the $599 million of Australia’s committed fast start financing. These included:
* $15 million to the Adaptation Fund
* $169 million in new regional adaptation allocations to the Pacific, South and South-East Asia and Africa
* $32 million for REDD+ Initiatives in Indonesia under our International Forest Carbon Initiative
* $10 million to the Climate Investment Funds’ Programme on Scaling‑up Renewable Energy in Low Income Countries, and
* $10 million to the Partnership for Market Readiness
We too will be adversely affected by increases in temperature. We will have less water and will experience an increase in the frequency and intensity of extreme weather events...
Sensible post, Happy. I am having considerable difficulty in sympathising with people who have been flooded multiple times yet insist they will rebuild in the same place.Rebuilding without change in plans and approach is doing the same thing, expecting different results.
For starters: NO CARPET in flood prone areas.
No expert, but few tens of million saved here.
Next time big water comes you just wash it, sanitise and it is good to use.
NO GYPROCK, NO MDF OR PARTICLE FURNITURE!
Possibly toilets, showers, basins and baths with lockable plugs, so no back-flush, less SEWAGE to worry about.
Want more ideas?
How about DRY ROOM that can be waterproof.
How about house built in some guides that can float on water and rise 2, 3 or even 5 metres and stay within those guides?
All sevices can have flexible connections.
How come we have special Building Code after Darwin Hurricane and no FLOOD building code?
Suppose one day it will come too, after all, smoke detectors were available for ages but not used by everybody now are mandatory.
As I said, donations and help are all good, but we cannot do the same thing and expect different results.
This 200 years event can be back in many people’s lifetime.
People make the excuse that the fine print on insurance policies is too complicated to understand. Yes, at times it does seem ambiguous. But surely it comes back to the person taking out the policy to be quite clear about what they expect they are buying.Bligh wants to use her flood inquiry to put the boot into the Insurance companies. They have taken over from the banks as the designated blood suckers of the community.
Not a day passes when the media does not give cases of insurances' alleged unfair practices, mostly anecdotal, using all sorts of pejorative terms. The whingers make comments like "I have been paying them for years and now they say I am not covered".
Gillard even thinks they should make ex gratia payments. Nobody has yet explained why anyone who doesn't have flood cover in their policy should have an expectation they should be paid out. After all you get what you pay for.
The insurance companies are businesses, not charities, and have a duty to their shareholders. I have shares in IAG and the last thing I want to see is them bowing under to pressures from socialists like Bligh and Gillard.
Sensible post, Happy. I am having considerable difficulty in sympathising with people who have been flooded multiple times yet insist they will rebuild in the same place.
Why on earth would you want to do this? It's just like the people who lost their homes in the Victorian bushfires vowing nothing would make them leave the area.
OK, I suppose that's their right. But I'm damned if taxpayer dollars or donated relief funds should be offered to them to do this.
Many are uninsured. If they receive enough taxpayer funds to make good their losses, then there is absolutely no incentive for them to insure in the future.
Sometimes it seems to me that we have about half the population who takes responsibility for their own outcomes, and half that don't. The latter half seems to always expect that those who have been more prudent will bail them out.
There just has to be a limit to this.
People make the excuse that the fine print on insurance policies is too complicated to understand. Yes, at times it does seem ambiguous. But surely it comes back to the person taking out the policy to be quite clear about what they expect they are buying.
It's a double edged sword - yes buyer needs to be aware of the myriad of definitions of "flood" (and there are many), but under the TPA any seller of insurance product has an obligation to ensure that the purchaser is fully aware of the T&Cs of said product. PDS' also need to have a plain English content, and as far as I'm aware all major insurance comapnies take great steps to ensure they comply with this.People make the excuse that the fine print on insurance policies is too complicated to understand. Yes, at times it does seem ambiguous. But surely it comes back to the person taking out the policy to be quite clear about what they expect they are buying.
That's a good idea. Even then, there will be some people who'll just blithely tick all the boxes without reading the details properly, and then make the same protestations about not having understood as they do now regarding e.g. the flood clauses in their current contracts.Many contracts sold face to face (not just insurance products) now include a tick sheet that protects the seller by proving that all relevant criteria have been discussed. It's a good idea that avoids potential "he said, she said" situations in the future.
Nearmap has aerial pictures of the Brisbane/Ipswich flood.
http://www.nearmap.com/?ll=-27.468907,153.025475&z=14&t=h
Judging by the extent of "the brown", it looks like it at least had water over the yard at the peak.God one Doc. The house in the centre is where I was living in 1974. The water would have been a good 2 metres higher. The dam kept its promise.
http://www.nearmap.com/?ll=-27.521762,152.984177&z=21&t=h&nmd=20110113
Did civic planners and our political masters care ?Did civic planners really think that long term weather patterns would not come back to raise river levels at some stage?
Judging by the extent of "the brown", it looks like it at least had water over the yard at the peak.
How high was the water in 74 ?
Brisbane itself was about 1m higher in 74 and the 1890's flood was about 4m higher.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?