How climate change is causing an insurance crisis in Australia

Japan Highlights Importance of Life-Saving Efforts in Disasters

A Japanese government white paper adopted Friday underscored the importance of taking actions to save people’s lives during natural disasters.

Referring to a deadly mudslide in Atami, Shizuoka Prefecture, in July last year, the annual report on disaster prevention, approved at the day’s cabinet meeting, pointed out that local authorities’ decision to release the names and other details of residents whose whereabouts were unknown resulted in a decline in the number of missing people who actually needed to be rescued.

But because identifying missing people involves privacy issues, the central government will present guidelines by the end of next March on how to deal with personal information during disasters, based on the advice of experts, the report said…READ ON

How climate change is causing an insurance crisis in Australia

A new report says that insurance will become increasingly unaffordable or unavailable in large parts of Australia due to worsening extreme weather events.

The Australian Climate Council has released a study which estimates that 1 in 25 of all homes and commercial buildings in the country will become effectively uninsurable by 2030.

Insurance crisis in Australia: a costly legacy

The report, Uninsurable Nation: Australia’s Most Climate-Vulnerable Places, says 520,940 buildings will be deemed “high risk”, having annual damage costs equivalent to 1% or more of the property replacement cost.

River flooding poses the biggest risk to people’s homes, according to the study. Of the properties classified as uninsurable by 2030, 80% of that risk is due to river flooding. Flash flooding and bushfires are the other main hazards contributing to properties becoming uninsurable…READ ON

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