Australia’s natural disaster costs to quadruple by 2050

The cost of natural disasters in Australia is set to nearly quadruple by 2050 but can be dramatically reduced by national investment in preventive measures, a German reinsurer says. Munich Re says that as Australia’s population density increases along with the severity and frequency of storms, floods, cyclones and bushfires, costs are projected to soar from $A6.3 billion a year currently to about $A23 billion a year in 2050.