August 26th 2024.
As the ocean levels continue to rise, it has become increasingly evident that many Australian homes are now at risk of being uninsured. This has been discovered through new research conducted by Monash University and AON, revealing that over half of all homes in Australia are in danger of coastal flooding and erosion.
According to the report, approximately 370,000 residential properties and 120,000 commercial buildings are currently excluded from insurance policies due to what is referred to as the "actions of the sea." This term refers to the effects of erosion and flooding caused by storm tides and powerful waves. In some cases, it may also include storm surges from tropical cyclones.
The report also states that nearly 500,000 properties are at a one percent risk of coastal flooding each year. While this may not seem like a high number, it translates to a one in four chance within the average 30-year mortgage lifespan. Sadly, these at-risk properties will not have insurance coverage for any damages caused by the actions of the sea, leaving the responsibility solely on the property owners.
Australia's sea levels have been rising at a similar rate to the global average, with a recorded increase of 0.2 meters since the early 1900s. To better understand and monitor this phenomenon, DEA Coastlines is currently mapping out the coastal erosion in various areas. So far, the worst affected regions have been identified as Old Bar in New South Wales, Waratah Bay in Victoria, Rockhampton in Queensland, Glenelg in South Australia, Broome in Western Australia, and Shoal Bay in the Northern Territory.
Aside from the rising sea levels, Australia's coast is also facing other variables such as ocean dynamics, heat, vertical land motion, and the earth's gravitational field. These factors can all contribute to the erosion and flooding of coastal areas. In fact, it is predicted that by the year 2100, the world's sea levels could rise up to 0.77 meters. The report also highlights that the main cause of this rise is thermal expansion, where the ocean's volume increases as it warms. However, with the continuous warming of the ocean and atmosphere, the melting of glaciers and ice sheets in Antarctica and Greenland is also accelerating the rise in sea levels.
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