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Australia must prepare now for climate-related disasters or pay more later, insurance regulator says

Australia must prepare now for climate-related disasters or pay more later, insurance regulator says

Australia’s banking and insurance regulator has estimated the country should be spending about $3.5bn a year to limit damage from climate-related natural disasters, warning the cost of responding to them after the fact is likely to be 11 times greater.



a close up of an old building: Photograph: James Gourley/AAP


© Provided by The Guardian
Photograph: James Gourley/AAP

In a speech on Wednesday, Geoff Summerhayes, an executive board member of the Australian Prudential Regulation Authority, said the cost of pre-emptive action to avoid the impact of disasters exacerbated by the climate crisis was far cheaper than dealing with the aftermath.

Addressing the issue of rising insurance premiums in northern Australia due to an increasing number of claims caused by storms and cyclones, Summerhayes said Apra was concerned general insurance could become unaffordable or unavailable in parts of the country.

He said it heightened the need to both cut greenhouse gas emissions and increase community resilience to extreme climate events, such as last summer’s catastrophic bushfires.

Related: Investors lead push for Australian business to cut emissions more than government forecasts

“Investing in the types of resilience, mitigation and hazard reduction measures needed to better protect Australian communities – and keep insurance affordable and accessible – comes at a cost,” he told an Australian Business Roundtable webinar. “But as we witnessed last summer, failing to take action can be far more costly in the long run, and the price paid is often far more valuable than can be measured in dollars.”

Summerhayes cited research by the business roundtable that predicted the total economic cost of natural disasters in Australia would reach $39bn a year by 2050. Based on evidence from the US that every $1 spent on resilience measures saves up to

$11 in response and recovery costs, he said covering those losses would require the community to invest about $3.5bn a

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8 Tips That Can Help Drivers Pay Lower Car Insurance Premiums

8 Tips That Can Help Drivers Pay Lower Car Insurance Premiums

Press release content from Accesswire. The AP news staff was not involved in its creation.

LOS ANGELES, CA / ACCESSWIRE / October 13, 2020 / Compare-autoinsurance.org ( https://compare-autoinsurance.org ) has launched a new guide that presents several effective tips that will help drivers get cheaper car insurance.

For many drivers, paying the monthly car insurance bill can be quite difficult. More and more drivers are wondering if they can save some of the money they spend on insurance. Luckily, there are some easy methods drivers can take to lower their premiums and ensure they’re getting the best insurance rate. With a bit of ingenuity and an understanding of the insurance market, drivers can reduce their car insurance costs and get great coverage without breaking the bank.

To get cheaper car insurance, follow the next tips:

  • Regularly shop for car insurance. Most car insurance providers will change their rates every month. Shopping for car insurance once or more each year can help drivers take advantage of the insurance market’s ebbs and flows. Also, significant life changes like a new job, marriage, or earning a college degree might make the insurance premiums to be lower.
  • Follow all safety rules when driving and avoid distracted driving. It’s essential to stay safe, drive responsibly, and maintain a good driving record. Even one speeding ticket can increase the insurance premium.
  • Keep a good credit score. Insurance companies are allowed to take a look at the credit score to make sure their customers are responsible with money. Drivers with a higher credit score will pay cheaper car insurance rates.
  • Look for discounts. Insurance companies provide discounts for certain types of drivers who are seen as less of a risk. Drivers can get discounts for low-mileage, installed safety features, being a good driver,
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Why I’m happy to pay $70 a month for term life insurance

Why I’m happy to pay $70 a month for term life insurance

Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.

  • After meeting with a financial planner, my husband and I set out to pay off our credit card debt. We did it in six months, and during that time I started earning more money than ever.
  • Our financial planner recommended that I buy a term life insurance policy since I was only protected for $20,000 on my husband’s employer-provided policy.
  • He recommended $1.4 million in coverage for me, which felt high. But after accounting for our standard of living and future financial goals, I went for it.
  • Now, I feel good about paying $70 a month for that peace of mind.
  • Policygenius can help you compare life insurance policies to find the right coverage for you, at the right price »

“Protect, optimize, grow.”

Tom, our CFP, introduced this financial approach on our first call — a simple, three-step perspective that would guide our work together. The idea is that before you can build wealth, you need to protect your assets (through life and disability insurance) and optimize cash flow (in our case, setting up a separate account for my business and hiring an experienced CPA to help with taxes).

We started by getting out of debt

When my husband, Tim, and I first started working with Tom in 2019, we came up with a plan specific to our financial situation. We decided together that we would work as hard as we could to pay off as much debt as possible, then start protecting and optimizing our money. The approach made sense. Clean up the mess we had made in

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