When financial stakeholders contributing to Australia’s first National Climate Risk Assessment identify insurance availability and affordability as the single highest risk to financial systems, we’ve got a big problem. And this issue isn’t unique to Australia.
I explored this in my latest piece for the Financial Times Sustainable Views.
What’s clear is that the convergence of climate change and insurance markets isn’t a future risk, it’s happening now. Like many, I’m witnessing how insurance costs are soaring for property owners as climate change leads to floods, fires and storms, pushing up costs and threatening financial stability for households, communities, and ultimately financial markets.
The message is clear – climate change is causing an insurance and insurability crisis.
The wider conversations across government, business, and communities that I advocate for aren’t just policy discussions – they’re about taking active steps to address the gap between the needs of government, re/insurers, business, and communities. We need some new and radical thinking.
Let’s discuss how your strategic approach adapts to this new paradigm.
