The chief executive of one of the country’s largest insurers says that the massive Los Angeles wildfires have sparked a rush for new policies in Australia despite largely benign conditions over the past year.
Insurance Australia Group chief executive Nick Hawkins said while individual property owners were taking steps to be better prepared for fires, floods and other natural disasters, governments could improve co-ordination and building standards to bolster defences. This will help to reduce rebuilding costs for the insurance industry after a disaster strikes.
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