Betting Against Climate Change - The impact on insurance costs

In Australia, insurance for natural disasters typically covers events like bushfires, floods, cyclones, and storms. However, the extent of coverage varies between providers and policies, with some exclusions for high-risk areas or specific circumstances.

Climate change is already exacerbating cost-of-living pressures on everyday people, from food scarcity, to energy bills, to the costs of cleaning up after worsening floods, fires and cyclones. Rising insurance premiums are another serious and growing concern, driven by the increasing frequency and severity of extreme weather events, inflation, and higher reinsurance costs.

Many Australians are struggling to afford coverage, with some opting out entirely, which raises concerns about underinsurance. Efforts are underway to address these challenges, including calls for urgent action to curb the impacts of climate change, insurance sector  policy reforms and better disaster resilience planning.

Louise Hayes will be presenting on the rising cost of insurance and its impact on disaster recovery. There will be a Q&A session and local candidates for the federal election have been invited to participate.

About the presenter

Louise Hayes is a financial counsellor from Queensland and Financial Counselling Australia’s (FCA) National Coordinator for Disaster Recovery. Louise has a background in disaster related financial counselling working with clients impacted by flood, fire and cyclone.

Louise has also been significantly impacted by a natural disaster, and this allows her to bring a unique insight to this sector. Louise has a Bachelor of Arts Degree in economics and social policy and administration and has worked in a variety of industries including Commercial Banking, insurance recruitment and manufacturing. Louise was previously Australia’s Young Banker of the Year.

Before returning to Australia in 2021, Louise lived in Singapore and the United States of America for 6 years. In her spare time, Louise volunteers as the Treasurer for the Centre Against Sexual Violence, an organisation which provides free counselling to women and girls as young as twelve who have experienced sexual assault.