The main risk to Australia’s population from climate change will likely be due to heatwaves. 

As the frequency and duration of heatwaves increase, so will the number of heat-related deaths, particularly among vulnerable older people. 

However, there are other wide-ranging implications of climate change that could lower things like investment returns and superannuation contributions, with the consequence of lower retirement incomes. 

In the latest study from the Actuaries Institute, (the professional body representing the actuarial profession in Australia) researchers have outlined the heat-related risks and explained why they should be considered by life insurers and annuity providers, individuals and Government. 

Following on from the call for Government to consider the implications of climate change in the latest report, Prime Minister Scott Morrison signalled that Australia is unlikely to update its emissions reduction commitments under the Paris agreement at a meeting in the US this week.  

Meanwhile, separate analysis by ratings agency Moody’s shows that the greater frequency of natural disasters is also expected to see more Australians default on their home loans.