Senator wants disaster insurance scheme

SA Independent Nick Xenophon will push for the introduction of a natural disaster insurance scheme. Source: AAP

INDEPENDENT senator Nick Xenophon has called for the introduction of a federal natural disaster insurance scheme in the wake of the latest floods in Queensland.

Senator Xenophon said those suffering most from the floods were those unable to get insurance or who were under-insured.

He said an insurance scheme had operated successfully in the United States since 1968 and he would now push for a Senate inquiry into establishing a similar program in Australia.

Under such a proposal property owners in designated communities would be able to purchase insurance at a fair and competitive rate from a government-backed entity.

But the insurance would come with broader obligations for flood mitigation measures to be implemented at a community level and also for no new homes to be built in flood-prone areas.

"Given that potentially hundreds of thousands of Australians can't obtain affordable flood insurance, there is no reason why a similar approach shouldn't be adopted here," Senator Xenophon said.

"What we need to do is have a natural disaster approach - a holistic approach - around the whole country.

"That way you spread the risk."

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