Is climate risk making Australia uninsurable?

Are Australians prepared for one of the world’s largest earthquakes?

California is a not exactly a crow’s flight away from Australia.  But in the connected world it’s not crows that cause disasters.  Rather, it’s the digital entanglement of our economic systems.  In 2005, when the infamous Hurricane Katrina hit North America, it caused oil prices to rise.  This, for Australia’s car dependent lifestyle, meant a little bit of (manageable) pain.  However since the 2008 GFC, things have changed and oil prices now matter to us a bit more.

The Uniform California Earthquake Rapture Forecast, which is considered the most authoritative in the US, provides estimates of magnitude, location and likelihood of earthquakes.  Its latest modelling indicates that, while the likelihood of a ‘medium’ sized earthquake (under 7.5 on the Richter scale) occurring in California remains the same as per previous patterns, there is now an increased likelihood of a ‘larger’ earthquake (over 7.5 on the Richter scale)…READ ON

Natural disasters key factor in city relocation

The imminence of bushfires, floods and droughts is a significant driver for Australians in deciding on a city to live in, according to new data.

New findings published by the Australian Housing and Urban Research Institute (AHURI) have found that the vast majority of Australians take into consideration the proximity of extreme weather events when deciding on whether to, or not to, live in a city.

The data – which was included in AHURI’s Understanding what attracts new residents to smaller cities report and is derived from a survey of 3,000 Australians conducted over February – cited a series of reasons and justifications as to why a specific demographic may relocate to a different city…READ ON

Is climate risk making Australia uninsurable?

Insurers have increased pressure on state and federal governments to boost funding for climate-related disaster mitigation projects amid fears that “affordable insurance is out of reach” for a rising number of Australians.

…analysts warned that flooding across eastern Australia could trigger more than $3 billion in insurance claims and push already soaring premiums up another 10 per cent a year…

Federal Small Business and Family Enterprise Ombudsman Bruce Billson says he was shocked during a listening tour of 36 locations in February by the volume of commercial operators “having to make diabolical choices” with regards to insurance…READ ON

One thought on “Is climate risk making Australia uninsurable?

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s