Independent Warringah MP Zali Steggall asks about the worsening impacts of climate disasters and the increasing difficulty in insuring against them.

You can read about some of those issues, here:

https://australiainstitute.org.au/report/premium-price-the-impact-of-climate-change-on-insurance-costs/

Around the world, climate change is increasing the costs of insurance and Australia is no exception.

Between 2022 and 2023, the average home insurance premium in Australia rose by 14%, the biggest rise in a decade.

Major floods in eastern Australia pushed insured losses in 2022 to a record $7 billion, almost double previous records. Perhaps more alarmingly, since 2013, insured losses in each year have exceeded the combined losses of the five years from 2000 to 2004.

Modelling from The McKell Institute estimated that the direct cost of natural disasters in Australia could reach $35 billion per year (in 2022 dollars) by mid-century, an average of more than $2,500 per household per year. However, such averages hide more than they reveal. In areas at high risk of extreme weather events, insurance costs are multiples of national averages.