Could climate change make it harder to get insurance in Australia?
5 years, 11 months ago

Could climate change make it harder to get insurance in Australia?

ABC  

At the moment, Townsville is more or less underwater and large parts of Tasmania are on fire. Key points: There were anecdotal reports of premiums reaching $30,000 after the 2017 Lismore floods There is a serious risk some places could become too disaster-prone to insure, according to an expert Taxpayers could end up footing the bill Summer in Australia has always been extreme, but some corners of the country are experiencing climate-driven disasters that are worse than ever — and more of them every year. "When you have a disastrous event, like whether it's a flood or a bushfire, you don't expect it to keep continuing," Mr Vincent said. "We will get to a certain point, somewhere between say 3 degrees or 4 degrees above pre-industrial levels, and a world like that will see situations where cities, entire coastlines, do become uninsurable," he said. Mr Merzian said in that case "the basic safety net that's provided by the private sector just becomes too prohibitively expensive".

History of this topic

Insurance cost of Los Angeles wildfires may be felt in Australia
2 weeks, 2 days ago
Federal flood insurance inquiry finds companies 'failed too many people'
3 months, 1 week ago
Climate change is jacking up insurance costs. Freak hurricanes like Helene only make it worse
3 months, 3 weeks ago
Insurance costs reach record high as floods, storms become more severe
5 months, 1 week ago
Home insurance costs spike, with parts of Australia at risk of becoming uninsurable
9 months ago
For some homeowners, dealing with insurance companies has been more traumatic than the 2022 floods
11 months, 1 week ago
Australian towns that are becoming uninsurable amid fears a warmer and drier summer will lead to bushfires
1 year, 3 months ago
Column: Time to panic? The home insurance market in California is collapsing because of climate change
1 year, 4 months ago
Insurance firms need more climate change information. Scientists say they can help
1 year, 8 months ago
Insurers say everyone will need flood coverage as climate change impact unfolds
1 year, 11 months ago
In flood-ravaged towns like Eugowra, residents face 'nonsensical' flood insurance premiums
2 years, 1 month ago
Storms are Australia’s most costly natural disasters, so why are we so unprepared for them?
2 years, 3 months ago
How climate change is pushing insurance stress to new extremes
2 years, 5 months ago
Underinsurance 'crisis' grows as climate change worsens floods, fires and extreme weather
2 years, 10 months ago
Insurance cripples northern Australians as they wait on promised Government action to stem rises
4 years, 3 months ago
Insurance premiums rising after long summer of bushfires, storms and floods
4 years, 11 months ago
Q&A: How climate change, other factors stoke Australia fires
5 years ago
Extreme weather set to see Australia's insurance red zones expand
5 years, 10 months ago
Half of Australians don't have the home insurance for when disaster strikes
6 years, 2 months ago

Discover Related