Australia must prepare now for climate-related disasters or pay more later, insurance regulator says

The cost of responding to bushfires, storms and cyclones after the fact is likely to be 11 times greater, Apra warns

Australia's banking and insurance regulator has estimated the country should be spending about $3.5bn a year to limit damage from climate-related natural disasters, warning the cost of responding to them after the fact is likely to be 11 times greater.

In a speech on Wednesday, Geoff Summerhayes, an executive board member of the Australian Prudential Regulation Authority, said the cost of pre-emptive action to avoid the impact of disasters exacerbated by the climate crisis was far cheaper than dealing with the aftermath.