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Date Published : Monday, February 18, 2008
Major home insurance companies are to join forces to develop a map of the coastal areas of Australia which are most likely to be affected by future flooding damage.
Insurers such as IAG are to work together to map out places which are likely to be affected by rising sea levels or extreme weather conditions in a bid to avoid having to pay out billions of dollars in compensation to homeowners as a result of climate change.
The insurance companies are working through the Insurance Council of Australia to draw up a set of rules whereby homeowners may not be covered for any damage to their homes which occurs as a result of climate change, the Australian reports.
"Flood remains a significant community issue that stands to worsen with the various inundation predictions arising from current climate change models," IAG chief risk officer Tony Coleman told the newspaper.
Professor of geosciences at Sydney University Peter Cowell, who is working with the insurers in their discussions, said that many factors should be taken into account when offering insurance policies to homeowners throughout the nation.
Dr Cowell added: "The inundation back from coastal erosion is more insidious and probably the most serious because, while there are a limited number of homes along the actual coastline, there are huge numbers of urban developments that exist in low-lying areas behind the coast."
Currently, the Western Australia town of Exmouth is being hit by Cyclone Nicholas, the third cyclone to hit the region in a month.
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