LETTERS: The hidden cost of climate change
LETTERS TO THE EDITOR
The hidden cost of climate change
THE EFFECTS of climate change are being seen and felt across Australia; bush fires, droughts, severe storm events, floods and coral bleaching are now the new norm.
But there is another impact that has yet to garner much media attention; the escalating costs of insurance.
Insurance companies are not in the business to lose money. But as more properties are damaged by severe storms, floods and bush fires, they are paying out more and more money.
At this year's AGM, Suncorp's CEO mentioned that in 2006, Suncorp's "Natural Hazards" allowance was $68 million. This year, 2020, it was $950 million.
Are you still wondering why your insurance premiums are going up?
Perhaps a more insidious problem is known as "risk avoidance", a polite way of insurance companies saying they will not insure you at any cost.
It is because of "risk avoidance", that we are now beginning to see a rise in the number of "red zones", areas where buildings are uninsurable due to the high risk of a natural disaster.
Needless to say, uninsurable properties have little to no market value.
This should not come as a surprise. For decades scientists have been telling us that climate change will bring on an increase in the number and severity of natural disasters.
While insurance companies have been listening, our government has chosen to ignore the science, continue to support the fossil fuel industry and refuse to develop any plan to reduce our carbon emissions.
And now we are all paying the price through huge insurance premiums and uninsurable properties.
There are no easy solutions. No doubt, the way forward will be complicated and involve a collaboration between government, insurance companies, the building industry, developers and property owners.
In the meantime, there is one thing we know for certain; if we continue with business as usual, the impacts of climate change will only increase in the near future.
We can no longer afford to wait. We must work to immediately reduce our carbon emissions.
The cost of mitigating climate change now is far, far cheaper than paying for it in the future.
- Tony Fontes, Airlie Beach
SMS TO THE EDITOR
LPMC. Education Dept in disarray, if the Assistant Education Minister had her finger on the pulse she would have planned for the influx of students requiring seats in classrooms next year or doesn't she know yet? Also, where is the money to build?
I8BS. If you're going to publish SMSs in a different language, such as the two from Anon on Monday 16th November, would you please provide a translated version as well.
Live concerts could be coming back soon, but with strings attached including sensitive health information and a vaccine requirement. Should COVID vaccines be required for live concerts?
Monika Rose-Vrindaranya: Music festival goers have survived this long without one, so no!
Julie Terry: They are too busy getting their pills tested.
Greg Moore: Remember when there was a party that ran for state election with the policy of being anti forced vaccinations. Everyone laughed and said you won't be forced. Less than a month later and we are already testing the waters with a vaccination requirement to function in society.
Holly-ann Dart: NO!!!!!!!!
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