AUS - Insurance industry issues warning on climate change's impact on coastal areas
Underinsurance in coastal areas has been one of the main concerns of insurers and policyholders as sea levels continue to rise due to climate change.
Now, Climate Valuation, a company that assesses the future risk to houses and property from climate change, has warned about the future of properties in coastal areas regarding insurance.
Karl Mallon, the chief executive officer of Climate Valuation, said many homebuyers do not realise how seriously mortgage lenders and insurers are considering climate change risks.
He explained that places at risk of rising sea levels, bushfires, or other natural catastrophes, like the Queensland coast, would continue to face challenges.