Australian players warn on climate as bushfires rageSeptember 12 2019 by Andrew Tjaardstra
Youi and IAG are both warning about the risk of climate change.
Early season bushfires, which have cost almost US$10 million in claims, in New South Wales and Queensland are certain evidence of climate change according to IAG.
Dozens of fires are still burning across the two states which have resulted in close to US$10 million of claims already.
IAG executive manager natural perils Mark Leplastrier says natural disasters in Australia are increasing in frequency and severity, and warns the bushfire threat is worsening as the climate changes.
He commented: “With rising temperatures, it’s likely that bushfire seasons will be prolonged and more severe as we head towards summer in ongoing drought conditions. Bushfires increasingly are occurring outside of the traditional bushfire season which normally starts at the end of September.”
He added: “We saw this in August 2018 with bushfires in Tathra and with the current bushfires in Queensland and northern NSW. The increasing number of unseasonal or record extreme weather [events] is telling us an inescapable truth, that climate change is happening and that it will continue to impact our communities financially and socially.”
Youi is warning the threat of natural disasters stemming from climate change could impact insurers and the pricing of premiums for Australian homes.
- September 11
The reinsurer's chief executive stresses that carbon output as usual is not an option.
- August 29
The country's market is bracing for a hot and dry summer.
- August 23
Insurers are making headway, says Alex Pui of Swiss Re Corporate Solutions.
- July 31
Numerous multi-billion dollar regional disasters in the first half of the year had relatively little cover according to Aon.