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

author-avatar By 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. 

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%. If products listed have an LVR <80%, they will be clearly identified in the product name along with the specific LVR. The product and rate must be clearly published on the Product Provider’s web site. Monthly repayments were calculated based on the selected products’ advertised rates, applied to a $400,000 loan with a 30-year loan term.

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 which includes retail products from at least the big four banks, the top 10 customer-owned institutions and Australia’s larger non-banks:

  • The big four banks are: ANZ, CBA, NAB and Westpac
  • The top 10 customer-owned Institutions are the ten largest mutual banks, credit unions and building societies in Australia, ranked by assets under management in November 2020. They are (in descending order): Credit Union Australia, Newcastle Permanent, Heritage Bank, Peoples’ Choice Credit Union, Teachers Mutual Bank, Greater Bank, IMB Bank, Beyond Bank, Bank Australia and P&N Bank.
  • The larger non-bank lenders are those who (in 2020) has more than $9 billion in Australian funded loans and advances. These groups are: Resimac, Pepper, Liberty and Firstmac.
  • If you click on a product link and you are referred to a Product or Service Provider’s web page, it is highly likely that a commercial relationship exists between that Product or Service Provider and Savings.com.au

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.

In the interests of full disclosure, Savings.com.au, Performance Drive and Loans.com.au are part of the Firstmac Group. To read about how Savings.com.au manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.

*Comparison rate is based on a loan of $150,000 over a term of 25 years. Please note the comparison rate only applies to the examples given. Different loan amounts and terms will result in different comparison rates. Costs such as redraw fees and costs savings, such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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author-avatar
Harrison joined Savings in 2020. He is an experienced journalist, with previous stints at News Corp and financial comparison site Canstar. With a keen interest in personal finance, Harrison is passionate about helping consumers make more informed financial decisions.

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