Climate Adaptation & Resilience

Every person deserves the security of knowing their home and community are protected from the growing risks of climate-driven natural disasters. As the climate crisis worsens, rising insurance costs and unaffordable premiums are leaving millions of households vulnerable.

While Labor and the Conservatives offer limited, piecemeal measures, the Greens are committed to addressing this crisis by ensuring communities are prepared, protected, and supported, with fairness and accountability at the core.

By holding coal, gas, and oil companies accountable under the "polluter pays" principle and prioritising transparency and disaster resilience, we aim to lower premiums and build a more secure future for everyone.

Cheaper insurance in a climate crisis

The rising intensity of climate-driven natural disasters, such as floods and bushfires, is driving up home insurance premiums, with an average increase of 30.8% between September 2022 and September 2024. 

High-risk communities face the most significant financial strain, as 1.6 million households already experience insurance stress, projected to grow dramatically by 2030. 

The Greens are committed to making insurance more affordable and ensuring greater climate resilience by holding fossil fuel companies accountable, enhancing transparency, and supporting disaster preparedness.

The Greens' plan:

  • Expand affordable insurance options by broadening the Cyclone Reinsurance Pool to cover all natural disasters.
  • Ensure fossil fuel companies contribute to disaster costs by legislating their contributions to the reinsurance pool and Disaster Ready Fund.
  • Increase transparency in insurance pricing by empowering the ACCC to monitor and report on premium prices quarterly and requiring insurers to provide clear breakdowns of premium costs and adjustments.
  • Provide better access to disaster risk information by establishing a public national disaster risk map and database through the Australian Climate Service and National Emergency Management Agency 
  • Reduce insurance costs by incentivising state governments to abolish house and car insurance stamp duty.

 

 

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