PLEA Network

7 October 2025, The Conversation: Extreme weather now costs Australians $4.5b a year. Better insurance options and loans would help us adapt. Today’s release of the Insurance Council of Australia’s report puts Australia on the spot: we rank second in the world in extreme weather-related losses. As the Insurance Council puts it, this is not the silver medal we want to win. Why is this a problem? According to the Resilient Building Council of Australia, a collaboration of independent experts, close to 90% of Australian homes are not actually fit for a changing climate. Many renters, low income groups, and people living in high-risk areas are especially vulnerable and often unable to even get insurance. In the 2020s, Australia has spent around A$4.5 billion a year on extreme weather costs, while insurance affordability and access are plummeting in regions that need it the most. The report found almost eight in ten of the homes that face severe to extreme flood risk do not have flood insurance. Australia’s first National Climate Risk Assessment, released last month, predicted a staggering 444% increase in heat-related deaths in Sydney as heatwaves become more severe under the most extreme scenario of 3°C degree warming by 2050. Other very dire numbers are outlined for climate risks across the country. The insurance industry says we need to rethink how we can keep our communities safe and thriving in the face of escalating disasters. How do we make sure these safety nets actually work for people – especially when costs and losses are escalating? Read More Here