News Non-Life14 May 2019

Australia:Insurance costs to rise due to climate change


The annual average risk costs of extreme weather and climate change to properties is projected to rise to A$91bn ($63.48bn) per year in 2050 and A$117bn per year in 2100, revealed findings from the Climate Council of Australia's report on the domestic costs of climate change. These costs will be reflected through higher insurance premiums and will primarily impact the same households that will experience the steepest losses in property values due to events caused by climate change.

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