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.
- January 15
The risk transfer policies of leading insurers means the sector will bounce back.
- January 13
The market needs to balance optimistic assumptions, multiple models and climate change.
- January 8
The government has offered US$1.38bn towards recovery efforts from the bushfires.
- December 23
The devastation is yet another set back for residents, firefighters, authorities and insurers.