Using taxpayer money to offer reinsurance so that insurance companies will continue to provide affordable insurance to people living in climate change-affected regions is a bad idea. Extending that to even more communities as the impacts of climate change increase is an even worse one.
But good luck finding anyone in politics who’s willing to say that. Coalition champions of public reinsurance like Warren Entsch were last week calling for the new North Queensland scheme established in 2021 by the federal government to be extended further south. MPs from the Nationals, Labor and the Greens all want it too.
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