IAG has warned that tropical cyclones will move further south due to climate change, affecting densely populated areas of the eastern Australian coastline and raising the importance of mitigation action.
“To safeguard these communities now and into the future, there needs to be greater investment across all sectors to reduce the financial and physical burden as the climate warms,” IAG EM Natural Perils Mark Leplastrier says in a statement accompanying the release of a new report between the insurer and the US National Centre for Atmospheric Research (NCAR).
The report, Severe Weather in a Changing Climate, highlights property risk perils at regional and local levels.
Cyclones are forecast to become a greater risk for southeast Queensland and northeast NSW, urban areas face more flooding due to intense rainfall, and large-sized hail risks will particularly increase in an area from the Hunter River through to the southern NSW Highlands, as well as in parts of Victoria including Melbourne.
The report also examines the rising risks from bushfires and the impact on coastal buildings and infrastructure from rising sea levels.
Read the full article at Insurance News.