Client Trends Australia

Weathering the postcode premium

Episode Notes

Did you know? The multiple floods that happened across 2022, incurred insured losses of over $6bn! [1] This is now the largest insured event losses since the Sydney hailstorm in 1999. Join Aon Australia’s Chief Commercial Officer, Stephen Trickey, and Climate Risk Advisory APAC Engagement Lead, Kirstin McMullan as they discuss how to prepare your business for the extreme weather conditions Australia continues to face. You'll also find out why Parametric Solutions and our Combined Hazard Information Platform (CHIP) are critical tools for your nat cat risk management toolbox.

• [0:34] Natural catastrophe trends impacting the Australian market
• [2:07] Catastrophe modelling and our CHIP
• [3:55] Alternative forms of risk transfer - Parametric Solutions
• [5:03] Things you can't ignore if your business is in a high nat cat area

If you'd like to speak to one of the experts featured in this podcast series, click here and we'll direct you to the right specialist.

Additional Resources:

Client Trend Report 2024 - Weather

Webinar on Parametric (Re)Insurance

Parametric Insurance | Aon Australia

Parametric Insurance Articles | Aon Insights

The growing use of Parametric Insurance for high-risk industries | Aon Insight Article

Tweetables:

• "Insurers are moving from an address-based pricing model to looking at postcode. So, if you're in a postcode that previously could have been flood impacted, but your property wasn't, you’ll probably be imposed with the postcode's high premiums.” - Kirstin McMullan
• "We're able to use our CHIP database to challenge insurers on coverage they've imposed.” - Kirstin McMullan

[1] Committee for Sydney, Committee-for-Sydney-Defending-Sydney-October-2023-2.pdf, 2023