(Australia) Australia's finance sector heavily exposed to climate risk, report says

[unhappycamper]

http://www.theguardian.com/business/2015/jul/12/australias-finance-sector-heavily-exposed-to-climate-risk-report-says

Extreme weather events, underinsurance and banks invested in a nation of coastal properties mean the economy is vulnerable, Climate Institute says

Australia's finance sector heavily exposed to climate risk, report says
Australian Associated Press
Sunday 12 July 2015 04.03 EDT

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A new discussion paper warns of threats to Australia’s banking, insurance and superannuation sectors not mentioned in the Abbott government’s inquiry led by David Murray.

It says although several submissions made to the financial system inquiry in 2014 referred to climate risk, its final report made no mention of the issue.

“This risk deserves closer examination by our policy markers and financial regulators,” the Climate Institute chief executive, John Connor, said.

The report says that, with two-thirds of bank assets tied up in residential property mortgages, banks have a high exposure to the effects of climate change in a country that has mostly coastal dwellings.