One in four Australian homes will be uninsured by 2050, regulator warns
Australia's financial regulator has warned that one in four households may be without home insurance by 2050 due to climate change driving up premiums. The regulator's stress test found that insurance premiums are becoming unaffordable for many families, with expected national weather losses set to increase by 140% by 2050.
Australia's financial regulator has warned of a significant increase in uninsured households by 2050. The regulator's Insurance Climate Vulnerability Assessment found that one in four households may be without home insurance due to climate change. Today, around 1.4 million homes are estimated to be without insurance. By 2050, this number is expected to rise to one in four households, roughly one million additional households losing insurance protection. The stress test was conducted across two climate scenarios, both of which project a significant increase in weather losses. The regulator's findings are based on modelling conducted with five of Australia's largest general insurers.
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