Indicator: A-06 Extreme weather-related effects - cost of weather-related disasters
Cost of Extreme Weather Related Events
Source: adapted from Insurance Disaster Response Organisation's Major Disaster Event List since June 1967.
The total cost of weather-related disasters to the insurance industry over the period 1985 to 2004 was in excess of $6 billion (2004 dollars). The most costly in financial terms of these weather-related disasters were hailstorms at a cost of $3.6 billion. Over half of the costs of hailstorms can be attributed to the Sydney hailstorms of April 1999. Other storms accounted for $1.3 billion.
The data shows an increase in cost in real terms over the period. The cost of weather-related disasters for the last ten-year period (1995-2004) was over three times that of the ten-year period (1985-1994). If we exclude the 1999 hailstorms, the cost of weather-related disasters for the latter ten-year period was still 50 percent higher.
The data only includes events declared a disaster by an appropriate government authority. The data does not necessarily include costs borne by individuals.
Atmosphere - Climate variability and change - Weather
This indicator indicates the direct costs of cyclones, hailstorms, storms, flooding and bushfire to the Australian economy. This is a proxy indicator for the severity and frequency of weather-related disasters.
Other indicators for this issue:
- A-01 Annual variation in the Southern Oscillation Index
- A-02 Rainfall trends - annual mean rainfall
- A-03 Rainfall extremes - inter-annual variations in annual extreme rainfall
- A-04 Temperature trends - annual mean temperature anomalies
- A-05 Temperature extremes - percentage area of extreme annual mean temperatures
- A-36 Rainfall extremes - percentage area experiencing extreme wet and dry conditions
- A-37 Temperature trends - spatial trend in mean annual temperatures
- A-47 Rainfall deficiencies - drought