The shocking soars in insurance premiums coupled with stringent lending with regards to increasing climate risks could accelerate a broad property market review, an expert climate risk analyst Karl Mallon has warned.
According to the Insurance Company’s spokesman Paul Turner, the “storm chasers” incident could lead to a spike the insurers’ costs and ultimately have a direct effect on reinsurance prices.
Virtually the entire Victorian state has received alerts for impending severe and highly destructive weather as a chilly polar blast starts sweeping through Australia today.
The president of France, Emmanuel Macron, feared that extreme weather patterns could become more frequent due to global warming.
The recent summer period in Australia has been characterised by severe heat waves and bushfires as Europe gets a battering from windstorms and catastrophic landslides hit California.
According to the United Nation (UN) weather agency report, last year’s extreme weather patterns affected 62 million people across the globe and displaced 2 million others, as man-made climate changes became more catastrophic.