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Experts warn that increased flooding events in Australia caused by climate change could make insurance premiums too expensive for the average resident to afford.
We already see the impacts of climate change in our country, and data shows that Australia is flooding more than ever because of it. This is because our atmosphere now holds more water; our oceans’ heating means more evaporation and heavier rain systems, while the La Niña phenomenon has increased the likelihood of severe systems colliding.
Severe weather events like flood, bushfires and hail have already hit insurers hard, and they were forced to pay out $5.3 billion for damages caused during the first quarter of 2020.
Mark Leplastrier is an atmospheric scientist and also the head of Insurance Australia Group’s (IAG) Natural Perils unit. He said that climate change was making all of these weather events worse with every cycle. “The main thing is, with climate change in the background of a natural variability cycle, if you have the same event coming back, and you have more warming, you have extra rainfall or intensity associated with that,” he said.
We have seen this recently with the record flooding in New South Wales that has seen 17,000 insurance claims […]