https://www.abc.net.au/news/2022-11-09/communities-near-floods-struggle-to-get-insurance/101628426
A report by the Climate Council earlier this year found 1 in 25 homes was at risk of becoming uninsurable by 2030.
Independent economist and Climate Council councillor Nicki Hutley said the prediction could even become reality before then.
We know that this year has been the most costly for insurance," she said.
"It's the worst disaster we've had."
She said there was no simple solution to making insurance affordable in an age where climate change was increasing irrespective of what happened.
"Climate change makes insurance a very difficult industry to be in," she said.
"There are going to be areas that are constantly affected which puts insurance at an unviable rate.
"If insurance premiums on offer are beyond the affordability of the average household then it may as well not offer a product because it's out of reach."
She said the issue would worsen, especially for low-income households.
A spokesperson for the Insurance Council of Australia said: "As the risk of extreme weather worsens, insurance can become increasingly costly for those in flood-prone areas."
The spokesperson said that before offering a policy, insurers considered factors such as their appetite for risk in the area and the natural disaster risks specific to the property.
"Insurance is not one-size-fits-all," the spokesperson said, and "consumers looking for new insurance or renewing a current policy should always shop around".
