Australia's Destabilizing Climate And The Road To Uninsurability

[hatrack]

Townsville is underwater and large parts of Tasmania are on fire. As fires, floods and crazy weather become more frequent and severe, is Australia on its way to being uninsurable?

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. A new study by Australia's Climate Council has found climate change will continue to drive the increased frequency and severity of extreme weather in Australia.

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After a disaster like that, it's common to hear reports of spiking premiums. In the aftermath of the Lismore floods in 2017, in northern New South Wales, there were anecdotal reports of premiums reaching $30,000. So what impact does a climate-driven disaster have on local insurance premiums? And could it ever reach a point where insurance is no longer offered in certain areas?
Too disaster-prone to insure?

The director of the Climate and Energy Program at the Australia Institute, Richie Merzian, said it was a very real risk. "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.

EDIT

https://www.radionz.co.nz/news/world/381892/could-climate-change-make-australia-uninsurable

[democratisphere]

1. The rest of the world is no far behind.