2018-11-08 00:50:43 UTC
The N Am actuaries climate change index:
Insurance premiums to rise as extreme weather conditions become more common
Peter Ryan, senior business correspondent
08 Nov 2018 00:18Z
[image] Lightning strike
A new index tracking the frequency of extreme climate events points to
rising insurance premiums. (Supplied: Scott Barker)
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* Time running out to prevent environmental collapse, climate scientists say
Residential property owners and businesses are likely to face higher
insurance premiums after a new actuarial index warned about rising
financial risks from extreme weather events.
* Climate index to be update each season
* Developed with regulators and natural hazard scientists using national data
* Potential losses from coastal erosion alone estimated at $88 bn,
excluding land value
The Australian Actuaries Climate Index tracks risk factors such as
elevated sea levels, drought, bushfires, cyclones, flooding and
extreme temperatures as being more frequent as growing evidence of
climate change mounts.
The index, developed by leading actuary and Finity Consulting
principal Tim Andrew, warns the frequency of extreme conditions this
autumn was higher than historical extremes in autumns between 1981 and 2010.
"It's fair to say this is a pretty new area for everyone and you can
imagine insurers in particular are concerned they have to charge
adequate premiums for the risk that they're taking on," Mr Andrew told
the ABC's AM program.
"The index is clearly showing that we have an increase in the
frequency of extreme events. And one would expect over time that many
people in bushfire and flood-prone areas to be facing some increases
"One of the challenges for us is to make sure we're building
properties in the right places to make sure we minimise the impact in
The Australian Prudential Regulation Authority (APRA), which oversees
banks and insurers, warned last year that the risks of climate change
were "foreseeable, material and actionable".
APRA executive Geoff Summerhayes said the index was an important step
towards a cross-industry standard for disclosing risks of extreme
weather events and the implications for business, consumers,
developers and govts.
"We believe this initiative is a positive step towards helping
regulated entities to understand and manage the potential impact of
climate risk on their businesses," Mr Summerhayes said.
[image] Whiteman Park bushfire as seen from nearby streets
The new climate index has been developed to help business and
regulators manage climate risk. (Supplied: Cate White)
The index - which will be updated each quarter and is backed by the
Bureau of Meteorology and the CSIRO - builds on similar indexes
currently used in Canada and the United States.
Actuaries Institute chief executive Elayne Grace said the index was a
"first step" as actuaries develop more explicit measures of climate risk.
"We hope to build on this index by attaching risk data, such as damage
to property and health statistics, in order to understand the
relationship between weather extremes and risk, enabling more explicit
risk indices to be developed," Ms Grace said.
The index adds to concerns about future losses from climate change
after the Climate Institute warned in 2016 that the potential damage
from coastal erosion was estimated at $88 bn excluding the value
of the land.
The index was developed in consultation with regulators and natural
hazard scientists with data collected nationally and grouped into
twelve climatically similar reasons.
Tim Andrews is keen to stay away from the politics surrounding
cynicism about climate change but hopes the move towards greater
awareness will not be overshadowed by climate change cynics.
"That's inevitably a risk with these issues. I'm often disappointed by
the politics and I'm hoping this message doesn't get lost."
11 Nov The centenary of the Armistice that ended WWI.
6m later the Treaty of Versailles became the peace
treaty that set the stage for WWII.
19 Nov Oct Global SOTC NOAA
06 Dec Nov US SOTC NOAA
18 Dec Nov Global SOTC NOAA
08 Jan 2019 $bn disasters Q4 NOAA
Hurricane Michael was the strongest tropical cyclone to strike the United
States since Andrew in 1992 and the strongest on record in the Florida
Panhandle. It was the third-most intense hurricane to make landfall on the
United States in terms of pressure, behind the 1935 Labor Day hurricane and
Hurricane Camille of 1969, as well as the fourth-strongest landfalling
hurricane in the contiguous United States in terms of wind speed.
Damage: >$11.28 bn
Did you know:
Florence is the sixth-costliest Atlantic hurricane.
Damage: >$16.7 bn
Assaad Razzouk @AssaadRazzouk 07 Nov 2018 13:11Z
Global Energy-Storage Market to Surge to a Cumulative 942GW by 2040
-> Sharply falling battery costs key driver of the boom
-> BNEF sees capital cost of a utility-scale lithium-ion storage system
falling 52% by 2030
#climate #renewables pic.twitter.com/xDk2rp0Nxa
Donald J. Trump @realDonaldTrump 07 Nov 2018 13:29Z
If the Democrats think they are going to waste Taxpayer Money investigating
us at the House level, then we will likewise be forced to consider
investigating them for all of the leaks of Classified Information, and much
else, at the Senate level. Two can play that game!
Kremlin Sees No Prospects for Improved US Ties After Elections
The Moscow Times, 07 Nov 2018 13:03Z
US to issue more sanctions against Russia
The Australian, 07 Nov 2018 02:10Z
Under the law, Russia had to end the use of the nerve agent Novichok, which
was used in the poisoning of Sergei Skripal and his daughter Yulia in March, ...
Russia has not met chemical weapons deadline - US Congressional ...
Reuters, 06 Nov 2018 20:09Z
... on a bench in the southern English city of Salisbury in March after a
liquid form of the Novichok type of nerve agent was applied to his home's
Trump warns House Democrats about investigating him and his administration
Washington Post, 07 Nov 2018 13:30Z
Barrier-busting midterm winners set to shake-up US Congress
ABC News, 08 Nov 2018
In a night of firsts, US voters elect 2 Muslim women, 2 Native American
women, their first openly gay governor and some of the youngest women to
Kremlin: Russia and US postpone summit on French request
EverythingLubbock.com, 07 Nov 2018 15:04Z
Moscow (AP). The Kremlin says Russia and the US have agreed not to hold a
summit in Paris to avoid distracting attention from Armistice ...
Brian L Kahn @blkahn 07 Nov 2018 16:29Z
Out: -More than half the Republicans in the Climate Solutions Caucus
In: - Scientists supported by @314action
-Climate advocates supported by @ClimateHawkVote
-Representatives pushing a Green New Deal
Maggie Koerth-Baker @maggiekb1 07 Nov 2018
Okay, so I'm up to 10 congresspeople with science backgrounds
(some incumbents, some not). A bunch are from Illinois. At least one
is a Republican and another an anti-abortion Dem. I'm probably gonna go
pass out now. Final results in the morning!
Defiant Trump lashes out at media, fellow Republicans for losing seats
ABC News, 08 Nov 2018
The day after his party lost its lock on the US Congress, President Donald
Trump walks into a White House press conference ready for political combat,
name-checking Republicans who he blamed for losing their seats and hitting
out at reporters who challenged his assertions.
[New diversion needed:]
Donald Trump sacks Attorney-General Jeff Sessions
ABC News, 08 Nov 2018
Donald Trump sacks his Attorney-General Jeff Sessions, one day after the
Republicans lost control of Congress and in the wake of unrelenting
criticism from the President over Mr Sessions' decision to step away from
the Russia election meddling probe.
Red cow-like artwork in Borneo is world's oldest animal rock painting
ABC News, 08 Nov 2018
We have no idea who painted a large red animal on the walls of a remote cave
in Borneo at least 40,000 years ago, but their work is the oldest-known
example of figurative rock art in the world, according to new research.
Hardy African sheep breed provides opportunity for drought-stricken graziers
ABC/Landline, 07 Nov 2018 20:03Z
An African sheep breed which calls the Kalahari desert home is proving its
worth to a growing number of Australia's drought-stricken graziers.
[Starting the clock timing how long it takes to discover it's another