Today’s release of the Insurance Council of Australia’s report puts Australia on the spot: we rank second in the world in extreme weather-related losses. As the Insurance Council puts it, this is not the silver medal we want to win.
Why is this a problem? According to the Resilient Building Council of Australia, a collaboration of independent experts, close to 90% of Australian homes are not actually fit for a changing climate.
Many renters, low income groups, and people living in high-risk areas are especially vulnerable and often unable to even get insurance. In the 2020s, Australia has spent around A$4.5 billion a year on extreme weather costs, while insurance affordability and access are plummeting in regions that need it the most.
