<
https://www.abc.net.au/news/science/2022-07-27/climate-change-insurance-csiro-megatrends-report/101261034>
'Insurance is set to get much less affordable in Australia, with the cost of
natural disasters forecast to triple over the next 30 years.
The CSIRO's decadal megatrends report, published today, warns that extreme
weather caused by climate change will cost the country more than $39 billion
annually by 2050.
The report is intended to identify the key global forces that will shape our
lives in the coming decades, with "the view to guide long-term investment,
strategic and policy directions," according to the CSIRO.
Australia's north is already hardest hit by rising insurance premiums, with
home and contents insurance costing about 1.8 times more than in the south, as
of 2020.
And on average, almost double the number of households above the Tropic of
Capricorn — about 20 per cent — are already foregoing insurance, compared to
those in southern Australia, the report states, citing data from the ACCC.
The megatrends report also echoes recent warnings from the Insurance Council
that at least $30 billion will need to be spent to protect coastal communities
from sea level rise, and on relocating some vulnerable communities.
Globally, as many as 150 million people living in coastal areas could be
vulnerable to the impacts of sea level rise by 2050, but that figure could be
far more if Antarctica becomes less stable, the report says.'
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
