Australia must urgently adapt to extreme weather or face soaring premiums, insurers warn

Lismore in northern NSW was hit by severe flooding in March 2022. Global insurers have warned Australia must take action to mitigate the effects of severe weather events. Photograph: Dan Peled/Getty Images

Global insurers say Australia is running out of time to reduce its vulnerability to the climate crisis and faces higher premiums for households and businesses.

“They said, ‘you’ve got five years basically’,” said the federal assistant treasurer, Stephen Jones, who led a delegation last month to insurance centres in London and Munich.