Last season's climate catastrophes cost insurers $5.4b | p_hannam
Australia's most recent climate-related disasters cost insurers more than $5 billion as global warming increased the risk of catastrophic bushfires, damaging hailstorms and more powerful cyclones and east coast lows, the country's biggest insurer says.report, released on Wednesday, IAG said Australia was already being affected by more extreme weather as the atmosphere warmed. New research indicates those impacts are likely to continue to increase.
The recent fire season demonstrated that building codes introduced after the 2009 Black Saturday bushfires in Victoria were inadequate for the most extreme days and will need to be tightened. Many homes and vehicles in Berowra Heights sustained damage when a hailstorm hit the area in December 2018. Studies show hailstones are getting bigger.Another peril on the rise is hailstorms, with research showing events with hailstones up to 5 centimetres in diameter or larger have increased in frequency in south-eastern Australia.
Dr Holland said that while the overall frequency of such lows may be trending lower, for the more dangerous ones that draw in large amounts of tropical moisture there has been a "substantial increase". Across the world, the share of cyclones with a category 4 or 5 strength have increased from about a one-in-10 proportion in pre-industrial times to about one in every four or five now, a ratio also observed off Australia's north-east coast, the report said.
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