Australia must urgently adapt to extreme weather or face soaring premiums, insurers warn

Exclusive: Assistant treasurer says insurers warned government you've got five years' to reduce vulnerability to climate crisis

• Follow our Australia news live blog for latest updates
• Get our morning and afternoon news emails, free app or daily news podcast

Global insurers say Australia is running out of time to reduce its vulnerability to the climate crisis and faces higher premiums for households and businesses.

They said, you've got five years basically'," said the federal assistant treasurer, Stephen Jones, who led a delegation last month to insurance centres in London and Munich.

Sign up for Guardian Australia's free morning and afternoon email newsletters for your daily news roundup