A new report has warned half a million homes in Australia will be uninsurable by 2030 because of the risk of climate change and extreme weather events.
According to the Climate Council study, one in 25 properties will either have insurance refused because of the risk, or it will simply be too expensive.
The research used data from previous disasters including floods and bushfires.
It found Queensland will become the most uninsurable state with 6.5 per cent of all homes likely to be left without cover.
Of the 40 federal electorates across Australia deemed at high risk, 18 of them are in Queensland.
“It is clear that Queensland is fast becoming an uninsurable state. Skyrocketing costs or flat out insurance ineligibility are becoming more and more widespread under climate change,” Climate Councillor and economist Nicki Hutley said.
“As an economist, I find these new numbers shocking and deeply concerning.”
New South Wales was second on the list with 3.3 per cent of properties predicted to become uninsurable.
Areas of the Gold Coast and Tweed are among the top ten regions in the country expected to be the worst affected.
The federal electorate of Richmond, which covers northeastern New South Wales including the Tweed Shire, was listed as the second most uninsurable region in the whole country.
The report predicts more than 22,000 properties or 20 per cent will be at risk.
The electorate of Moncrieff, which covers a large chunk of the Gold Coast was the fourth most at-risk region with 14 per cent or 18,032 properties expected to be uninsurable.
That was followed by the electorate of Wright, which covers parts of the western Gold Coast and the hinterland, with 14 per cent or 12,140 properties at risk.
The electorate of Page which includes the flood-ravaged town of Lismore was the ninth most at-risk area with 11 per cent or 11,691 properties expected to be uninsurable.
“Climate change is playing out in real-time here and many Australians now find it impossible to insure their homes and businesses,” Climate Council CEO Amanzda McKenzie said.
“Over the past eight years, the Federal Government has failed to meaningfully tackle climate change or prepare Australians for the worsening extreme weather events that we are now experiencing.”
Based on the percentage of ‘high risk’ properties by 2030, the top 10 most at-risk electorates:
1. Nicholls, Victoria: 27% or 25,801 properties
2. Richmond, New South Wales: 20% or 22,274 properties
3. Maranoa, Queensland: 15% or 9,551 properties
4. Moncrieff, Queensland: 14% or 18,032 properties
5. Wright, Queensland: 14% or 12,140 properties
6. Brisbane, Queensland: 13% or 19,355 properties
7. Griffith, Queensland: 13% or 14,812 properties
8. Indi, Victoria: 11% or 11,215 properties
9. Page, New South Wales: 11% or 11,691 properties
10. Hindmarsh, South Australia: 11% or 10,775 properties
*Source: Climate Council
