Australians are being warned their insurance premiums could get more expensive as many are left with flood-damaged homes.

Since February 2021, there have been 15,000 insurance claims in NSW and Queensland as a result of flood damage.

Risk Frontiers’ risk and resilience expert Andrew Gissing told Deborah Knight climate change will make insurance premiums go up.

“Further climate extremes are more likely to increase in frequency. It will certainly put an upward stress on damages which will, unfortunately, make insurance policies more expensive and potentially less affordable.”

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