Cyclone Yasi in 2011 alone caused more than $3.5 billion in damage when it smashed into Queensland.Credit:AAP
"[It] is critical there is a co-ordinated national approach from governments,industries and businesses to build more resilient communities and reduce the impact of disasters."
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Executive manager of natural perils at IAG Mark Leplastrier said that,apart from reducing greenhouse gas emissions,communities had two main tools to shape the future risk profile:the tightening of land planning and improving building codes.
"There's a huge opportunity to adapt,"he said.
For instance,research from Queensland showed that improvements in roof flashing to keep water from entering homes during heavy rain could spare owners huge expense. Flashing may cost about $5 a metre but could save about $1000 per metre,he said.
Higher sea levels were another big peril facing Australia,with rises as much as 30 per cent faster than the global average.
"The higher increases are simulated in the Tasman Sea,"the report found.
Thunderstorms,including those dropping hail,are likely to become more intense and more frequent in the future.Credit:Nick Moir