520,944 properties in Australia to be uninsurable by 2030
Riverine flooding poses the biggest risk to properties.
One in 25 homes or 520,944 properties in Australia are in danger of being uninsurable by 2030, due to rising risks of extreme weather and climate change, according to the Climate Council of Australia.
That number rises to one in seven homes within Australia’s top 10 electorates most at-risk of climate impacts.
According to the report of the Climate Council, 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.
The report also found out that 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.
Amanda McKenzie, Climate Council’s CEO, said that for the past eight years the Federal Government has failed to meaningfully tackle climate change or prepare Australians for the worsening extreme weather events that the country is now experiencing.
“The decisions of the next Federal Government will influence the future impacts of climate change for generations to come. Pollution from coal, oil and gas must begin to plummet and we must scale up our renewable power so it meets the needs of all sectors of our economy,” McKenzie said.
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