Australian Actuaries institute advises that roughly 850,000 homes could be rendered “uninsurable” in coming generations.
The data given details extreme weather in the country’s worst-impacted regions has doubled in frequency when compared to the long-term average.
“If the industry doesn’t step up, we’ll all pay - both as taxpayers picking up the bill for the recovery, or because of the impact on our communities and our economies,” says Dr Mallon, director at climate analytics company Climate Risk.