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Insurers call on government for disaster preparation as premiums rise

Posted On: Feb. 3, 2023 9:59 AM CST

The Insurance Council of Australia has called on the Victorian government to invest in preparing communities for natural disasters rather than depending on payouts from insurers as premiums soar, ABC News reported. The said that this will sustainably put downward pressure on insurance premiums, which are rising drastically. Insurance losses in Victoria for extreme weather totalled $450 million Australian ($318 million) in 2022.