In the news

Insurance costs are soaring for home owners in Australia and New Zealand as climate change leads to floods, fires and storms, pushing up inflation and threatening financial stability, experts say. “As premiums rise and coverage is withdrawn from high-risk areas, we can expect to see impacts on asset prices and the prosperity of communities,” said Philip Tapsall, head of corporate and finance sector engagement at climate risk experts XDI. “Without stronger action to reduce emissions and build resilience, we could see this have implications for financial stability.”

Tune in to this episode of The Elephant In The Room Property Podcast to hear XDI’s Philip Tapsall discuss climate impacts on property value, insurability and safeguarding investments.

XDI (Cross Dependency Initiative) unveiled the XDI Climate Risk Hub at New York Climate Week, introducing a comprehensive platform for on-demand climate risk analysis across industries and geographies.

Offloading climate risk can have unintended consequences for smaller banks and communities but effective regulation can avert those problems, says Philip Tapsall of XDI.

With climate change posed to wreak greater havoc in the decades to come, Australians are being urged to think before they buy (or rent). But how can prospective homebuyers and renters access information about flood, fire and erosion risks for prospective properties?

"Extreme weather triggered is setting off alarm bells in China’s insurance sector, the world’s second largest, which urgently needs more financial tools to mitigate risks from the economic damage wreaked by the growing incidents of droughts, floods and landslides across the country."

Bigger Picture: Nearly one in 10 Apac Reits assets at high risk from climate change

"Extreme weather threatens the investment value of many properties, but financing for climate mitigation efforts are only just getting going."

"Nine hundred property owners in one inner-city suburb have just been told they live in a flood zone, news that is expected to have big implications for property prices and insurance premiums."

"SINGAPORE - Nearly one in ten properties owned by leading real estate investment trusts (REITs) in the Asia-Pacific region may be at "high risk" of damage from climate change, particularly in coastal regions, a report published on Wednesday showed."

"Nearly one in ten properties owned by leading real estate investment trusts (REITs) in the Asia-Pacific region may be at "high risk" of damage from climate change, particularly in coastal regions, a report published on Wednesday showed."

"Coastal inundation and flooding will drive hazards across Apac region from now until the end of the century, it says."

"What we're finding is that your millennial homebuyers are now climate aware," he said.