Homeowners in some parts of Australia are facing steep rises in insurance premiums as a result of climate change. In north New South Wales, one homeowner was quoted AUD32,000 ($21,884) per year to include flood protection on her policy. The Australian Bureau of Meteorology has warned that the risk for severe weather is increasing and will continue to do so over coming decades.
Homeowners in some parts of Australia are facing steep rises in insurance premiums as a result of climate change. In north New South Wales, one homeowner was quoted AUD32,000 ($21,884) per year to include flood protection on her policy. Analysts said climate change could result in all insurance premiums being hiked, while banks warned of a potential knock-on effect on mortgages, estimating that 1% of customers would struggle to meet payments by 2060.