Increasingly violent floods, winds and bushfires in Australia, caused by soaring temperatures, will make more than half a million homes too expensive to insure by 2030, according to a analysis by a climate defense group published on Tuesday 3 May.
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“
Climate change is creating an insurability crisis in Australia due to worsening extreme weather conditions and skyrocketing insurance premiums
,” the report by independent organization Climate Council said.
By 2030, some 520,940 properties - or nearly one in 25 nationally - will be projected to suffer annual damages representing 1% of the total replacement cost, according to the report, which will make insurance policies unaffordable.
Extreme weather events
Australia is increasingly exposed to extreme weather events, hit in February and March by storms and floods and devastated in 2019-20 by bushfires that killed 33 people and tens of millions of animals. wild.
“
Reducing [greenhouse gas] emissions would prevent further damage to thousands of properties
,” said Karl Mallon, managing director of Climate Valuation, who led the analysis work based on data relating to properties, geography, extreme weather conditions and climate in Australia.
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The Climate Council's analysis echoes similar warnings from Australia's insurance industry, which has called on federal and state governments to invest more in building stronger homes and protecting against weather. extreme weather.
This year's East Coast floods cost an estimated A$3.35 billion ($2.27 billion) in insured losses, making it the costliest flood in the country's history, a said the Insurance Council of Australia on Tuesday.
A 2015 study estimated that around 2% of Australia's housing stock was at constant flood risk and 15% at occasional flood risk, it said.
