The vast swathes of Australia at high risk of floods, fires and cyclones have been identified, as CommBank seeks to protect its multibillion dollar home loan portfolio. 7NEWS
have been identified, as the country’s biggest bank seeks to protect its multibillion dollar home loan portfolio.has determined more than $30 billion of its portfolio is in areas at “acute physical risk” of natural disasters, according to mapping released in a new report.Watch the latest News on Channel 7 or stream for free onThere are more than 100,000 homes at risk of cyclones, floods and fires, the bank’s 2022 Climate Report says.
“Approximately 3 per cent of our assessed exposures are currently located within areas exposed to increasing risk such as cyclone exposed coastal regions, low-lying flood plains and rural areas in close proximity to the urban fringe,” the report states.The maps show almost all regions of Queensland, New South Wales and Victoria are at risk of flooding, with 56,000 properties within the bank’s home loans portfolio deemed in the risk zone.
The 5000 properties at fire risk were concentrated in similar areas, although south Western Australia was also identified as being at risk. Another risk the company has identified is the occurrence of cyclones further south than usual, potentially reaching northern NSW.Commonwealth Bank of Australia “If this happened in the north of New South Wales, where construction standards have not been designed to resist cyclones, material losses could be observed which are not currently reflected in our current estimates,” the report said.The bank says it will use the findings to “strengthen our approach to climate risk management”.
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