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Warmer temperatures linked to climate change are likely to make home insurance unaffordable for over 500,000 homeowners in Australia by 2030, according to a report from the Climate Council.
Climate Council released the report after storms and floods battered Australia's east coast in February and March, following bushfires that killed 33 people and tens of millions of wild animals.
The report determined that climate change will exacerbate the frequency and severity of extreme weather events in Australia, pushing insurance premiums to alarming levels.
An estimated 521,000 properties nationwide would sustain annual damage of one percent or more to their total replacement value by 2030. This would make insurance unaffordable for most of these residents.
Climate change is likely to have a significant impact on the value of property in Australia, with the number of affected properties growing under higher emissions scenarios.
Cutting emissions could save thousands of homes from further damage.
Insurance providers are claiming that the Australian government should spend more money on building better flood walls and levees in order to protect homes from extreme weather.
According to the Insurance Council of Australia, the estimated A$3.35 billion ($2.4 billion) in insured losses from this year's east coast floods makes them the costliest flood in Australia's history.
Insurance Council of Australia chief executive Andrew Hall told AFP "The string of extreme weather events, particularly in the last decade, has made us very much at the top of the list when it comes to costly payouts,"
According to a 2015 study, 2 percent of Australia's housing stock is at risk for constant flooding and 15 percent is at risk for occasional flooding.
During the floods that claimed at least 21 lives in Eastern Australia, Lismore was hit hard by 14.3-meter (47-foot) floodwaters that swept away cars and stranded locals on the roofs of their homes awaiting rescue by boat or helicopter.
The Lismore City Council has proposed a solution for the problem of flooding in vulnerable areas. They want to relocate residents from flood-prone locations and allow them to move up into higher grounds in exchange for their properties.
Published:Thursday, 19th May 2022 Source:
Please Note: If this information affects you, seek advice from a licensed professional.
Australian private health insurance premiums are set to rise by an average of 4.41% from 1 April 2026, marking the most significant increase since 2017. Health Minister Mark Butler stated that this adjustment reflects the escalating costs of medical and hospital services, which have risen by 5% over the past financial year. This increase is expected to impact over 15 million Australians who hold private health insurance policies. - read more
In response to escalating operational costs faced by private hospitals, health insurers have increased their payments to these facilities. Recent data indicates that payments to private hospitals have risen by 7.7% in the year leading up to March 2025. This adjustment aims to support private hospitals during a period of financial strain and to ensure the continued delivery of quality health care services. - read more
In a significant policy shift, Australian health insurers will begin offering rebates for a range of natural therapies, including Yoga, Pilates, Tai Chi, Shiatsu, Naturopathy, Western herbal medicine, and the Alexander Technique, starting early 2026. This change follows legislative amendments allowing these therapies to be covered under private health insurance for the treatment of health conditions or as part of health management programs. - read more
As 2026 approaches, Australian insurers are facing a trio of pressing challenges: rising premium costs and shrinking insurability, escalating cyber and data risks, and increasing difficulty in hiring and retaining skilled workers. These concerns have been highlighted in industry feedback cited in Gallagher Bassett’s upcoming report, 'The Carrier Perspective: 2026 Claims Insights.' - read more
In recent times, Australian consumers have been grappling with substantial increases in insurance premiums, prompting widespread concern and calls for greater transparency within the industry. Reports indicate that some policyholders have experienced premium hikes of up to 600%, leaving many questioning the justification behind such steep increases. - read more
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Life insurance is a fundamental component of a robust financial plan, yet its significance is often underestimated. It serves as a safety net, ensuring that your loved ones are financially secure in the event of your absence. Understanding life insurance is the first step towards safeguarding your family’s future. - read more
Life insurance is a crucial consideration for middle-aged to older Australians. It provides financial security for your loved ones in the unfortunate event of your death. Understanding the various options available is vital to making an informed decision. - read more
Life insurance and estate planning are critical components of financial security. They ensure that your loved ones are protected financially when you are no longer around. By understanding these tools, you can take significant steps to secure your family's future. - read more
Life insurance is a cornerstone of financial planning, offering peace of mind to you and security for your loved ones. It's a contract between you and an insurance company: in exchange for regular premiums, the insurer agrees to pay a sum of money to designated beneficiaries upon your passing. This vital tool ensures that your family's financial needs can be met during an incredibly difficult time. - read more
When you’re young, life is all about new experiences and making plans for a promising future. While factors like travel, career, and relationships often take centre stage, one aspect often overlooked is life insurance. It might seem like something to consider later in life, but starting a policy while you're young can be a savvy financial move. - read more
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Knowledgebase
Double Indemnity: A clause or provision in a life insurance policy that doubles the payout in cases of accidental death.
