Business
Climate change could put insurance out of reach for many Australians – The Guardian
The financial industry regulator says insurers may be able to pay future claims, but fewer people will be able to secure coverage
Millions of Australians could be left uninsured as the effects of climate change put increasing pressure on the financial system, the industrys regulatory body has warned.
The Australian Prudential Regulatory Authority (Apra) executive director Dr Sean Carmody told a Senate hearing on Tuesday the nations insurers and banks were taking steps to prepare for worsening bushfire seasons and more extreme weather events.
However, he said the resultant rising insurance premiums may put coverage out of reach…
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