NIBA chief highlights affordability threats from climate change

NIBA CEO Dallas Booth has taken to the ABC to highlight the insurance challenges already facing many communities as a result of extreme weather.

On Monday, Booth appeared on Mark Colvin’s PM program in a segment devoted to the business challenges highlighted in the recent report from the Intergovernmental Panel on Climate Change

“There’s already a question mark about the cost of insurance in some parts of Australia, and there’s real questions about affordability,” he said.

“If [insurers] cannot get an adequate price to cover the risk that they insure, they invariably have to withdraw from that marketplace.”

“Some parts of Queensland are finding it very difficult to find insurance because of the experience of the last five years. And that’s unfortunate for the local communities.”

The preparedness of Australia for worsening extreme weather has been in focus this year, with a Senate inquiry recommending myriad actions.

To listen to the interview, click here.