A new type of insurance pays out as soon as extreme weather hits – and we could try it in Australia
The floods that devastated parts of southeast Australia last month revealed, yet again, this nation’s growing insurance problem. Assessment of the damage was agonisingly slow, and rising premiums meant many victims were completely uninsured.
The disaster was part of a global trend towards localised, sudden and intense weather known in the insurance industry as “secondary perils”. These events, such as thunderstorms, hail, bushfires, drought, flash floods and landslides, are less severe than single, huge catastrophes such as a massive earthquake or cyclone.
But they can happen frequently – and still leave a big damage bill and displace thousands of people.
Australia is among the most exposed countries in the world to extreme weather resulting from climate change. That means we need to think seriously about how to manage the financial risk of secondary perils…READ ON
Resilience And Optimism: The Best Way To Manage Stress And Beat Burnout (And Pandemic Fatigue, Too)
Stress comes in many sizes and shapes. Acute stress is the response to an immediate threat or challenge. If we are resilient and manage it correctly, such stress can be energizing and help us discover new strengths.
Stress is unhealthy when it becomes chronic. Chronic stress can stem from acute stress (when we do not manage it well or fail to allow ourselves adequate time to recover). But more often, chronic stress is the long-term (greater than six months) result of everyday stresses that build up and accumulate over time, leading to burnout…READ ON