Insurance Australia Group (IAG) has released a report highlighting Australia’s risk for more intense and more frequent extreme weather, due to rising world temperatures.
A key risk for Australia is the country’s exposure to intensifying tropical cyclones that will move south – meaning New South Wales and Queensland will be hit with greater devastation.
“These regions are densely-populated and 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,” urged Mark Leplastrier, executive manager of natural perils at IAG.
Leplastrier added: “The annual economic cost of natural disasters [is] predicted to hit A$39 billion (US$27 billion) by 2050.” He said more investment is needed including infrastructure capabilities, adequate land planning and building codes.
The report also highlighted that Australia will experience increased bushfire risk, more hail and corresponding damage, intense rainfall and rising sea levels which will result in more frequent flooding and associated risks.
The report entitled Severe Weather in a Changing Climate, was conducted in collaboration with the US National Center for Atmospheric Research (NCAR).

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