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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.
The Australian Medical Association (AMA) has recently highlighted concerns regarding the substantial market power wielded by private health insurers and its potential adverse effects on patient care and healthcare costs. In a position statement released on 4 February 2026, the AMA emphasised the need for regulatory reforms to prevent insurers from exploiting their dominant positions in the healthcare sector. - read more
Recent findings from the Australian Medical Association (AMA) reveal a concerning trend in the private health insurance sector: Australians are facing higher premiums while experiencing diminishing returns on their policies. The AMA's latest Private Health Insurance Report Card, released on 5 December 2025, highlights the urgent need for reforms to address these issues. - read more
Private health insurers in Australia are facing mounting criticism for implementing significant premium increases, despite explicit warnings from the Health Minister. This development has sparked concerns about the affordability of healthcare and the practices employed by insurers to maximise profits. - read more
In August 2025, AIA Australia, a leading life, health, and wellbeing insurer, took a significant step in addressing the nation's mental health crisis by partnering with the City2Surf event in Sydney. This collaboration aimed to raise both funds and awareness for mental health, a pressing issue that has seen a notable increase in related insurance claims over recent years. - read more
In July 2025, AUSactive, Australia's peak body for the exercise and active health sector, announced a strategic partnership with Private Healthcare Australia (PHA) aimed at reforming private health insurance to include evidence-based preventive health services. This collaboration follows recent legislative changes that permit private health insurers to offer rebates for select natural therapies, marking a significant shift in the integration of preventive health into the insurance framework. - read more
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For many millennials, navigating the complexities of personal finance and future planning can feel like a bewildering journey. Among these financial responsibilities, life insurance emerges as a paramount consideration. More than just a safety net, life insurance can be the cornerstone of a sound financial strategy, providing peace of mind for both the policyholder and their loved ones. - 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
Life insurance is a crucial part of any comprehensive financial plan, providing peace of mind that your loved ones will be financially secure in the event of your passing. - read more
Life insurance can seem complex at first, but understanding the basics can help demystify this important financial product. At its core, life insurance is a contract between you and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon your passing, in exchange for premium payments. - read more
Choosing the right life insurance policy is one of the most important decisions for Australians, especially for those who are middle-aged or older. Life insurance provides financial security for your loved ones in the event of your passing, ensuring that they are not burdened with financial hardships. - read more
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Knowledgebase
Replacement Cost: The amount it would cost to replace or rebuild an insured asset with one of similar kind and quality, without depreciation.
