Australia must prepare now for climate-related disasters or pay more later, insurance regulator says – The Guardian

Australias banking and insurance regulator has estimated the country will need to spend about $3.5bn a year to limit damage from climate-related natural disasters, warning the cost of responding to them after the fact is likely to be 11 times greater.
In a speech on Wednesday, Geoff Summerhayes, an executive board member of the Australian Prudential Regulation Authority, said the cost of pre-emptive action to avoid the impact of disasters exacerbated by the climate crisis was far cheaper than d…

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