In Australia, rising global temperatures have led to an "increased risk of bushfires, floods, and other climate change events," according to the Star Mail.
In response to extreme weather events, insurance companies have raised premiums, making it more challenging for homeowners to protect themselves from the climate crisis.
What's happening?
At a "Meet the Candidates" event in Tecoma, politicians discussed increasing insurance policies and their plans to address the growing issue.
Areas like Casey, Victoria's most populous municipality, are experiencing stronger and more frequent storms. With communities becoming more vulnerable to extreme weather, insurance companies are increasing premiums to mitigate risk.
Dr. Merran Blair, a candidate for the Australian Greens Party, shared her personal experience of facing rising insurance rates. According to Dr. Blair, her insurance premiums have increased by 300% over the past five years. With each renewal, she's forced to "shop around" to avoid being taken advantage of by insurance companies.
Independent candidate Ms. Ferres Miles also highlighted the financial stress of surging insurance premiums in Casey, noting that they've become a "major pain point, contributing to cost-of-living pressures."
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Why are rising insurance rates concerning?
Rising insurance rates highlight the impact of rising global temperatures.
As companies and governments continue to rely on dirty energy, they release harmful pollutants into the atmosphere that catalyze more extreme and powerful weather events. Homeowners are left to pay the price, quite literally, with insurance companies increasing premiums in response.
What's being done about rising insurance rates in Australia?
Politicians are speaking out and running on climate-driven platforms to address the underlying problem of rising global temperatures and extreme weather. Candidates proposed solutions for combating rising insurance premiums, such as creating a public natural disaster risk map and database.
"Firstly, we need to take action to address climate change so the impacts of extreme weather events are minimised and insurance premiums are lowered," Dr. Blair told the Star Mail.
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Definitely 🥰 "The climate crisis is negatively impacting all aspects of modern life in Casey, and this has been a reality for some time, as we see bushfires, storms, and flooding increasing and limiting our ability to communicate, connect, and power our houses."
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