Australia – Insurance Actuaries Highlight Climate Change Risks

Climate change talks have split the world into two distinct groups, the ones who believe that climate change is an imminent threat to the globe, and the others who think that it is a hoax. Australia, being the front runner in many bold moves, such as high taxation of tobacco products and winning the case against tobacco giants PMI, to use federal issued packaging for all tobacco based products; is once again working towards the betterment of the planet by heavily researching on climate change effects.
In their annual pre-budget submission, the Actuaries Institute of Australia has pointed out the severe effects of climate change to the federal government. Actuaries make their living on predicting future risks for insurance companies and this year, they have highlighted serious risks that climate change possesses to industries.
The companies and industries that actuaries advise are being warned about serious impacts on their economic output and everyday functioning. Treasury submission of 2017 has been focusing on how climate change will be devastating for the life insurance and superannuation sectors unless policies are revised regarding disaster resilience.
The continent of Australia experiences a lot of natural earth activity and according to the reports of the Natural Disasters Working Group, these events cost Australia approximately $11 billion each year. The actuaries report that of this $11 billion, only 40% is insured and they have expressed great regret regarding the rejection of the proposed $200 million per year disaster resilience fund. The Actuary Institute recommends that the fund proposal be reviewed again for the go ahead as it is vital for the safety of many corporations across Australia.
People who do not understand the grave dangers that climate change poses towards our planet and its future need to research and understand the way the earth works. Yes, it is true that there is natural activity that causes disasters on the Earth’s surface, but there is a huge contribution by the human race when it comes to the Earth changing its natural ways.
Canada has taken steps to ensure that every industry that uses fossil fuels and every agricultural produce that poses a threat to the environment will be charged with a carbon tax that will be used to develop facilities that fight carbon emission and clean up the environment.
The truth about climate change is not understood by everyone because they say it lacks evidence. The Actuary Institute of Australia has produced enough evidence for everyone to reconsider their views about climate change.
Unless the governments of the world unite to address the issue, the future of the planet is at stake. NASA has been actively playing a part in making the world aware of the adverse and negative effects that climate change has been having on the Earth.
They have proven both in theory and factual evidence by studying different parts of the world and presenting data on it.