Floods, bushfires, and severe storms send insurance costs skyrocketing. It's high time for Australia to heed warnings from other parts of the world before insurance becomes unaffordable for all Australians — or simply unavailable.

The combination of climate-fuelled natural disasters coupled with increasing populations often living in risky areas is threatening the global insurance industry.

This isn’t theoretical for Australians. Bushfire and flood disasters during the past few years have seen insurance premiums skyrocket.