“I do not believe that a commercial [insurance] product, on present analysis, is viable,” said Karl Sullivan, general manager, policy risk and disaster planning directorate, Insurance Council of Australia.
Risk averse insurance firms, with their passion for actuarial tables and probabilities, are as much in the dark as everyone else when it comes to the unknown consequences of climate change.
“If we had this conversation in 100 years time, it would really be anyone’s guess. It comes down to how well the community can mitigate the risks that are present there,” Sullivan said.
RSS