Nexia Court & Co Blog

The recent Qld floods devastated vast areas of the State and resulted in significant loss of both property and even more tragically, life.

Exacerbating the problem even further is the lack of insurance held by individuals and businesses and therefore, the impact that this is having on people's livelihoods going forward. In many case, people had insurance contracts in place thinking they were protected against the effects of flood, only to now find out that their definition did not cover them.

What is your view of how insurance contracts are provided (whether general cover or even personal insurance such as life and disability)? Are they too complex? Should insurance companies or even governments, be forced to provide insurance for particular events with a standard definition?

After all, insurance premiums are only paid as a means of risk management. If we can't rely on them in the event of claim, then we need to question how well it is achieving its purpose. Let us know your thoughts.