Climate Council: Thousands of Australian homes ‘uninsurable’

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A new study has found more than half a million Australian homes will be “uninsurable” by 2030 as extreme weather events continue to rock the nation.

A new study has found more than half a million Australian homes will be deemed ‘uninsurable’ by 2030 as worsening weather wreaks havoc on the nation.

The report, released by the Climate Council on Tuesday, warns that flooding is the most common risk followed by bushfires and rising sea levels.

The figures, which show one in 25 homes at high risk, increase to more than one in 10 homes in some of Australia’s most vulnerable regions, including parts of Brisbane, Ballina, the Gold Coast and Port Adelaide.

The council found that as weather chaos unfolded, the damage would cause insurance premiums to skyrocket.

The report highlights five federal electorates, including Brisbane, Maranoa and Griffith in Queensland, that will be among the top-10 most at-risk areas come 2030.

The other at-risk electorates include Richmond and Page in NSW, Nicholls in Victoria and Hindmarsh in South Australia.

One in every seven properties located in these high-risk electorates will be effectively uninsurable this decade.

Climate Council economist and co-author Nicki Hutley said the new reality would have “implications for every single taxpayer” in the country.
“We’re talking about half a million properties … it’s not insignificant,” he said.

Queensland is predicted to lead the charge, with more than 6.5 per cent of properties labelled “high risk”.

In NSW the figure is 3.3 per cent.

Properties that become “uninsurable” occur when the insurance premiums are so high that they become impossible for the average homeowner to afford.

The report follows the tragic east coast floods that tore through the hearts of the nation.

More than 100 councils have declared a climate emergency.

Originally published as Half a million Australian homes deemed ‘uninsurable’ by 2030


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