One in 25 Australian properties will be effectively uninsurable by 2030 due to rising risks of extreme weather and climate change, according to a new analysis by the Climate Council of Australia.
The Council has said within Australia’s top 10 electorates, which are most at-risk of climate impacts, the number would rise to one in seven homes, as climate change fuels worse and more frequent disasters.
The new report is based on analysis of hundreds of millions of data points, which the council transformed into a new interactive climate-risk map.
The analysis found that across all electorates in Australia, 3.6% of properties (520,944) or one in every 25 properties will be uninsurable by 2030. In addition, one in 10 (9%) of properties will reach the ‘medium risk’ classification by 2030, with annual average damage costs equalling 0.2% or more of the property replacement cost.
Riverine flooding poses the biggest risk to properties. Of the properties classified as ‘high risk’ by 2030, the majority (80%) of that risk is due to riverine flooding.
The council has recommended that Australia should triple its efforts and take strong, bold measures to reduce its national emissions by 75% by 2030 and reach net zero by 2035. M