One in 25 Australian Homes Uninsurable by 2030
7th June 2022
One in 25 Australian properties will be effectively uninsurable by 2030, due to rising risks of extreme weather and climate change, a detailed analysis from the Climate Council has found.
Within Australia’s top 10 electorates most at-risk of climate impacts, that number rises to one in seven homes, as climate change fuels worse and more frequent disasters.
Uninsurable Nation: Australia’s Most Climate-Vulnerable Places outlines the top 20 most at-risk federal electorates to climate change-related extreme weather events, providing a brief profile of the top 10. The report states:
- 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 Climate Council’s report is at: https://www.climatecouncil.org.au/wp-content/uploads/2022/05/CC_Report-Uninsurable-Nation_V5-FA_Low_Res_Single.pdf
