Australians are already paying for climate change through increasing home insurance premiums. Not only does this put households at risk, it has the potential to impact the banking system - if you can’t insure an asset, you can’t bank on it. What isn’t covered in this ABC report is the impact on business banking - which is invariably secured on residential property. If insurance on those residential assets is no longer affordable, then we risk losing significant finance for the engine of our economy. The solutions require real collaboration between government, insurers, banks and consumer groups. And raising our game in reducing emissions and minimising the impacts of climate change on Australian families. https://lnkd.in/gmMaSWQa Julia Davis Kylie Macfarlane Nadia Daly
Could extending the CDR to insurance unlock major benefits for consumers including access to better services and products, removing friction from the insurance process and making it more efficient and transparent whilst providing the ability for consumers to compare, switch and better understand coverage levels.
Very glad that the wider housing implications and inequities that will arise from a loss of access to insurance are being made clearer.
Reducing underlying risk can reduce these market failure risks, and also present opportunities for the banking sector to help customers finance adaptation