Extreme weather costs Australians more and more each decade and as a country, we have some of the highest per capita economic and insurance losses in the world.

New data from the Insurance Council of Australia (ICA) has found that every decade since 1980, inflation-adjusted losses from floods, bushfires, storms and extreme cold temperatures have increased across the globe.

Insurance is fundamentally about understanding future risks, but as the costs of those risks skyrockets, its business model is increasingly under threat.

There is also a growing protection gap, meaning the difference between the amount of insurance in place and the actual cost of recovery is growing — with vulnerable people the most exposed.

Around the world, novel approaches are being trialled in a bid to ensure com

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