SYDNEY, March 24 -- Australian Prudential Regulation Authority issued the following media release:
The Australian Prudential Regulation Authority (APRA) has released its Insurance Climate Vulnerability Assessment (Insurance CVA), a prudential stress test exploring how a changing climate could affect home insurance affordability and the insurance protection gap1 over coming decades.
Affordable and widely held home insurance supports a resilient and productive economy by protecting households against large and unexpected financial losses, enabling them to recover quickly after shocks.
The Insurance CVA is not a forecast or prediction of future outcomes. Instead, APRA examined how home insurance coverage may fall under two severe but plausi...