This is the kind of thing that will impact further in the near future when we cannot quantify the potential cost of catastrophic events and plan accordingly as a country.
Just to confirm how moronic this is, know every insurance company has a CAT event list and claims linked to these for underwriting to price these accordingly.
But doing this, the government is saying we don't know how much rebuild or assistance will cost and either will not foot any of that OR will botch and misdristribute resources as the proportion and cost is now unknown.
This is the penny wise pound foolish mentality people supported with their vote.