The Government may need to purchase land in areas considered too risky or expensive to insure according to CEO of Australia’s largest insurer,IAG,Mike Wilkins.Speaking at the Committee for Economic Development of Australia in Sydney recently,Mr Wilkins said “In those areas where  risk is extreme and the cost of cover or other protective action is simply [...]

Eric Johnston in the Age (Feb 25,2011) reported that the Insurance Australia Group (IAG)  has likened the lack of adequate flood mapping to a national infrastructure problem,with many home owners unable to secure flood cover because of existing data. Flood mapping has been a sore point with the insurance industry.Many insurers including IAG blame the [...]