We heard from consumer groups about the risks to individuals from having to drop their insurance coverage, but there's also some pretty worrying modelling on the risks to the banking sector from Sharanjit Paddam, an actuary and the principal of Finity Consulting.
He says house insurance is now unaffordable for around 15% of households, a 30% increase in just one year.
"Our latest figures show that 1.6 million households in Australia have unaffordable insurance, and we define that as being where the insurance would cost them more than a month of gross household income, which we think is unaffordable," he observes.
"People with lower incomes can only afford cheaper houses, and cheaper houses are often in flood plains, they're on the edge of the cities and therefore exposed to bush fires. They're not necessarily the highest quality household in terms of building standards, and all of these things get exacerbated.
"So we're taking our most vulnerable people from a socioeconomic perspective and putting them in our most vulnerable houses from a disaster perspective, and it's the combination of those two things that's driving the problem."
So how does this affect the Australian banking system? Paddam explains just how big this is relative to the banks' entire mortgage books.
"So one thing else we know about this 1.6 million households, is that about 10% or 11% of them, so 118,000 households, have a mortgage, have a home loan, and potentially are not buying insurance because we don't think they can afford it, and putting the banking system at risk, we've estimated that.
"We think it's about nearly $60 billion in lending from the banks that's at risk in this in this way, that's about 3% of all lending.
"To put that 3% in context, at the worst of the GFC in the US, the delinquency rate on the home loans in the US, the worst it got, was 9.3%.
"And what I'm saying in Australia is we're at 3% of people in the bank lending system that [if] we have another year of really bad disasters, those banks are going to be at risk."