Australia: Townsville homes may become 'uninsurable' due to flooding from climate change
By Ben Smee
Houses in flood-hit Townsville and other parts of north Queensland are “on track to become uninsurable”, according to analysis that shows the risk to homes from flooding will more than double under climate change.
The modelling, based on current global emissions trajectories, says flooding in Townsville is already about 20% more to likely to occur than previously thought. The total flood risk in the region is likely to increase by 130% by the end of the century.
“Generally insurance companies often draw a line in the sand at the frequency of a one-in-100 year flood event. This means that as the risks of flooding increase, many Townsville houses will be uninsurable or the owners will find cover unaffordable.
“We strongly urge people to check with councils and insurers if their homes are in flood zones, and if they can expect long-term affordable cover. If not they should know they will have to plan for the risks on their own and think about adapting their homes for climate change,” [said the director of science and systems at Climate Valuation, Karl Mallon].