The floods affecting Australia’s eastern seaboard are a “1 in 1,000-year event”, according to New South Wales Premier Dominic Perrottet. But that’s not what science, or the insurance industry, suggests.
Throughout Australia in areas prone to fires, cyclones and floods, home owners and businesses are facing escalating insurance costs as the frequency and severity of extreme weather events increase with the warming climate.
Premiums have risen sharply over the past decade as insurers count the cost of insurance claims and factor in future risks. The latest report from the Intergovernmental Panel on Climate Change, published this week, predicts global warming of 1.5℃ will lead to a fourfold increase in natural disasters.
