The long periods of hot weather make it perfect for people who like to eat outdoors, exercise outdoors, and go to the beach. But this climactic change has a nasty downside, which is likely to make life even more unpleasant: an increased risk of pests and disease.
But humans aren’t the only ones at high risk of disease. These changes could have a negative impact on crops grown on Australian farms and push food prices even higher, prompting warnings from mosquito experts and fungal scientists Yahoo News spoke to earlier this year. Match. Increased numbers of beetles attacking tree trunks may also increase pressure on forests.
The warning comes from industry experts who are increasingly concerned about climate change. They belong to the Institute of Actuaries, an advisory body that advises the multibillion-dollar insurance and banking sectors on risk.
How worried should we be about climate change?
This week the new Australian Actuarial Climate Index (AACI) was released. It is the culmination of research into the current impacts of climate change and analysis of how societies are working to decarbonize and alleviate the problem.
AACI lead author Rade Muslin told Yahoo News that the insurance and banking industries are “very concerned” about the threat of climate change. His report assessed the frequency of extreme weather events and how they changed over time, and found that temperatures increased in the Northeast from December 2023 to February 2024.
“We are now experiencing changes on a scale comparable to the industrial revolution, electrification, the internet, and even the printing press. And this change is changing our economies, our societies, where we live, how we live, It’s going to impact every part of how we build our homes and move around,” he said of the climate crisis in general.
“It is very important for our profession to serve the public, policy makers in Canberra, the insurance industry, banks and a range of other people. Regardless of their political position, they all feel the impact of this. You will receive it.”
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Why large-scale disasters are being watched closely by insurance companies
The institute’s role has traditionally been to help insurers set prices for everything from bushfire protection to comprehensive electric vehicle insurance and health insurance. However, as the climate crisis worsens, members are being asked to help assess the risk of severe extreme weather events.
“I personally do a lot of work in international risk transfer of large-scale disasters,” Muslin said. “When a catastrophe becomes a $10 billion or $20 billion issue, like a hurricane in Florida, a typhoon in Japan, or a flood in Australia, it enters the global financial system, and actuaries price that risk. Read the book about how much all these things cost around the world. ”
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His report also examined an aspect of climate change that has received less attention than extreme heat waves: the effects of rising minimum minimum temperatures.
“There are several impacts, among them are problems with agricultural production, people can’t sleep well at night without air conditioning, and that affects health and well-being, beetle proliferation, humidity in the atmosphere. This includes an increase in seed rainfall,” Muslin said.
Does climate change have benefits?
The news is not all “pessimistic”. Mr Muslin hopes readers of his report will see that there are many opportunities for Australia to become a sustainability superpower.
“We have the minerals needed for electrification here, we have huge potential for renewable energy, and we have a highly skilled workforce that can build the power grid,” he said.
“I never want to say climate change is a good thing. That’s not the message. But there are risks and a lot of opportunities here.”
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