In a speech on Wednesday , Geoff Summerhayes, an executive board member of the Australian Prudential Regulation Authority, said the cost of pre-emptive action to avoid the impact of disasters exacerbated by the climate crisis was far cheaper than dealing with the aftermath. Addressing the issue of rising insurance premiums in northern Australia due to an increasing number of claims caused by storms and cyclones, Summerhayes said Apra was concerned general insurance could become unaffordable or unavailable in parts of the country. Related: Investors lead push for Australian business to cut emissions more than government forecasts. Summerhayes has previously warned climate change posed a material risk to the entire financial system and urged companies to start adapting. The Australian Academy of Science warns the link between human-induced climate change and extreme weather is clear, and we must start preparing for a more dangerous future. The rate of households without insurance in the north is almost double the rest of the country. Related: Philanthropic foundation dreams of extinguishing all bushfires 'within an hour' with high-tech help. Summerhayes said the cost of claims kept rising, mainly due to storms and cyclones, and rebuilding costs were greater than in the south. It was resulting in a growing reluctance among some insurers, particularly smaller operators, to offer cover in high-risk areas. He said there was evidence that investment in dealing with natural disasters was already saving taxpayers. He noted the treasurer, Josh Frydenberg, had foreshadowed more announcements on disaster and mitigation funding following the release of the final report from the royal commission into bushfires. The speech was welcomed by the Insurance Council of Australia, which repeated its call for greater natural disaster resilience funding. Gyms allowed to reopen in Merseyside after tier 3 Covid rules row. Everybody Loves Raymond cast to reunite for benefit in honour of late star Peter Boyle. FTSE slips as lockdown worries weigh. Designs of the Year nominees include a Tik Tok dance and Wuhan's coronavirus hospital. Rising used car prices drive up UK inflation. Asia Today: Philippines allowing foreign travel to resume. When is the US election and will it go forward as planned? President blames Hillary Clinton after mic stops working at rally. Cash explains Glasnow decision as Rays humbled in World Series opener. Tax records show Trump maintains bank account in China, report claims. Coronavirus: Women are more likely to get 'long Covid' than men, study warns. Jamie Oliver shares three-ingredient gnocchi recipe — and fans react. US presidential election Officials eye blockchain technology for November polls. Kym Marsh tells harrowing stories of people murdered by friends and loved ones. FTSE drops amid fears over rising Covid cases. Chrome first-party product exemption a bug, says Google after user flags issue. Oxford's new Story Museum finds fresh ways to tell tales in Covid era. Supermarket prosecco has topped a blind taste test. CMT Music Awards to feature trio of hosts, outdoor stages. You might sneer but the Kardashians changed what it means to be famous. Coronavirus: UK government debt at highest level in 60 years. Analysis: Google antitrust case to turn on how search engine grew dominant - experts. Sheffield City Region expected to move to Tier 3, mayor due to announce. Reese Witherspoon heartbroken as she announces sad family death. Angelino benefitting from Guardiola education at Man City - Nagelsmann. UK investors most downbeat on own economy. Mania and hypomania: symptoms, causes and treatments. Adam Morton Environment editor.
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