Australian Senate report recommends transparency and action to curb rising insurance costs due to climate change.

The Senate Select Committee in Australia has released a report on the impact of climate change on insurance premiums, recommending transparency in premium calculations and measures to reduce insurance costs in high-risk areas. The Insurance Council of Australia supports these recommendations, which include ending new developments in high-risk zones, boosting community resilience, and enhancing building codes. The report highlights rising premiums in disaster-prone areas, with some homeowners seeing significant increases, like a pensioner whose premium nearly doubled to $4,396 annually.

November 27, 2024
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