Extreme weather events in Australia are costing insurers a staggering $4.5 billion every year, triple the amount compared with three decades ago, new research says.

Population growth in flood-impacted regions and infrastructure not built to withstand the effects of climate change has put swathes of the country at risk, the Insurance Council of Australia (ICA) report warns.

During the 2020s, insurers, on average, have forked out $4.5 billion annually in claims.

This year, nearly $2 billion in losses were caused by three insurance catastrophes: the North Queensland floods, which cost $289 million: ex-Tropical Cyclone Alfred ($1.43 billion), and the NSW Mid North Coast and Hunter floods ($248 million).

The research, citing analysis by global insurance company Munich Re, found financial

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