Media Releases

14 January 2025

January 14, 2025: Extreme weather events are becoming more frequent and severe, putting families and communities at increasing risk. The devastating wildfires in Los Angeles, with damages projected to exceed $135 billion, serve as a stark reminder that we cannot insure our way out of the climate crisis.

Governments must prioritise preparation, adaptation, and mitigation by rapidly decreasing emissions.

With costs of living pressures high, some believe that climate action can wait, but that will only make things worse. Australians are already paying for climate impacts, especially with their ever-increasing insurance premiums.

Rising global reinsurance costs are pushing premiums higher, leaving many Australian households underinsured or uninsured. Since 2022, insurance premiums in Australia have surged by an average of 32%, outpacing inflation and stretching household budgets to breaking point. Alarmingly, ASIC estimates that that up to 80% of home owners are under insured.

As we face the growing impacts of climate change, bold action is essential to break this cycle. Last year, I introduced a motion in Parliament calling for increased climate adaptation preparation and funding. Research shows that every $1 invested in adaptation saves $11 in disaster recovery.

Protecting communities and businesses by investing in resilience and preparedness measures must be a priority of any party wishing to form Government.

I am calling for

• A legislated National Climate Risk Assessment and Adaptation Plan.
• Mandating climate risk disclosure in environmental assessments.
• Expanding the Resilient Building Council’s home and business resilience ratings scheme to incentivise adaptation and reduce insurance costs.
• Enhancements to the National Building Code to promote low-cost, climate-resilient, and energy-efficient housing.
• Accelerating national, state and territory co-ordination to ensure climate-adapted planning controls.
• Ensuring equitable access to affordable insurance policies, especially in high-risk disaster areas.

Communities should not shoulder the financial burden of adaptation alone. This is a national issue that demands a national solution, supported by comprehensive policies and commensurate funding.

Emissions reduction, resilience, and adaptation must go hand in hand to ensure a safer, stronger, and more supported Australia.

We also cannot ignore the need for ambitious emissions reduction targets. I am calling for Australia to commit to at least 75% emissions reduction by 2035 as our next NDC under the Paris Agreement.