Nearly half of Australians don't know what 'La Nina' means

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on November 26, 2020
Nearly half of Australians don't know what 'La Nina' means

A new survey from Allianz reveals just 29% of Australians are preparing for a wetter summer, which could have implications for their insurance coverage.

The survey of 1,785 Australians was conducted by YouGov between 30 October and 3 November.

Nearly half (45%) don't know that 'La Nina' refers to a climate cycle resulting in wetter weather.

Just 26% have checked their insurance policy for flood or extreme wet weather cover. 

Sixteen of the top 20 flood-prone electorates are in Queensland, while Climate Council modelling estimates up to a quarter of Australian electorates could be 'flood prone' by 2100.

Buying a home or looking to refinance? The table below features home loans with some of the lowest variable interest rates on the market for owner occupiers. 

Lender

Variable
More details
UNLIMITED REDRAWSSPECIAL OFFER
  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
UNLIMITED REDRAWSSPECIAL OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
Variable
More details
AN EASY DIGITAL APPLICATION
  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
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AN EASY DIGITAL APPLICATION

Neat Variable Home Loan (Principal and Interest) (LVR < 60%)

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  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster
Variable
More details
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES
  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
Variable
More details
NSW/VIC/SA METRO & INNER REGIONAL AREAS$5000 CASHBACK. T&Cs APPLY.
  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
NSW/VIC/SA METRO & INNER REGIONAL AREAS$5000 CASHBACK. T&Cs APPLY.

Variable Home Loan (Principal and Interest)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of May 25, 2022. View disclaimer.

Allianz's national manager for technical claims and business operations Mark O'Connor urged Australians to check their policy for flood coverage.

"We’re already seeing the impact of this year’s La Niña taking shape. Just last month, Queensland’s Halloween hailstorm inflicted more than $110 million in damage," he said.

Two thirds of survey respondents said they think bushfires pose a bigger risk this summer, while three in ten are not planning on preparing for floods.

Mr O'Connor pushed Australians to be prepared this upcoming storm season, as 43% believe Australia's weather is getting more extreme.

"It’s important we consider the extent of the impact Australia’s evolving climate and weather patterns have on our day to day lives. We’re seeing a higher volume of weather-caused claims," he said.

On average, Australians are spending 7.5 hours preparing for Christmas festivities, and 5.2 hours on storm and flood preparation. 

What is La Nina and El Nino?

'La Nina' is essentially the opposite weather pattern to 'El Nino', causing wetter and cooler periods, as opposed to hotter and drier periods, predominantly affecting Australia's east coast.

El Nino came to a head in 2018 with severe drought throughout much of NSW and Queensland, and led to catastrophic bushfires along the east coast in late 2019 and early 2020.

The last severe La Nina period was in 2010-2011 when Brisbane and surrounds experienced severe flooding.


Image: 2011 Brisbane Floods, by Andrew Kesper via Wikimedia Commons.

Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.

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Harrison is Savings.com.au's Assistant Editor. Prior to joining Savings in January 2020, he worked for some of Australia's largest comparison sites and media organisations. With a keen interest in the economy, housing policy, and personal finance, Harrison strives to deliver and edit news and guides that are engaging, thought-provoking, and simple to read.

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