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Guide to natural hazard and climate risk management

Your  guide to the weather and climate risk outlook for 2024 - and how to manage and mitigate its risks.

The significant risk of property damage and business interruption from extreme weather conditions in Australia means that it is now more important than ever for organisations to understand their exposures, assess preparedness for natural perils and take measures to mitigate them.

For the third consecutive season in a row in Australia, the La Niña weather pattern brought floods and destruction to some parts of Australia right up into the early months of 2023. La Niña continued to wreak havoc across Australia into the early months of 2023, particularly in areas prone to heavy rainfall and flooding.

As 2023 progressed, the extreme weather patterns brought on by La Niña in the Pacific Ocean began to dissipate, as La Niña began to make way for El Niño. Occurring when the sea surface temperatures rise in the Pacific1 – causing the rainfall to shift to the eastern Pacific Ocean – El Niño brings an increase in heatwaves and less rainfall, which can contribute to drought and an increase in bushfires. 

El Niño has been responsible for driving the recent bushfires in Victoria’s east over September and October 2023. A dry hot heatwave, marking Australia’s driest September on record,2 has helped fuel the fires which burned through more than 17,000 hectares of land in the south-eastern Gippsland area.3

Similarly, from August to October 2023, high temperatures and dry winds fuelled a series of ongoing fires in parts of southern Queensland and northern NSW,4 causing road closures, threatening properties and forcing residents in some areas to flee their homes.

According to the Insurance Council of Australia (ICA), La Niña brought record breaking rain and flooding to the east-coast of Australia throughout 2022 and 2023, and insured losses for the four-month period from September 2022 to January 2023 alone totalled A$1.6 billion.5

Marsh’s 2024 natural hazard and climate risk management guide is your one-stop resource to understanding how you manage the risk of climate. You will be provided with insights from the Bureau of Meteorology about the exposures created by upcoming weather events, natural hazard and climate risk management. Get your copy now

What you’ll learn:

  1. Weather and climate outlook for 2024 and beyond
  2. Australia long range forecast – state and territory breakdown
  3. Understanding your natural hazard risks and what is requires to mitigate these effectively
  4. Insurance lessons learned from previous extreme weather events
  5. The steps to becoming NatCat resilient

This publication is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. The information contained herein is based on sources we believe reliable, but we make no representation or warranty as to its accuracy. Marsh shall have no obligation to update this publication and shall have no liability to you or any other party arising out of this publication or any matter contained herein. Any modelling, analytics, or projections are subject to inherent uncertainty, and any relevant analysis could be materially affected if any underlying assumptions, conditions, information, or factors are inaccurate or incomplete or should change. LCPA 23/521

Marsh Pty Ltd (ABN 86 004 651 512, AFSL 238983) (“Marsh”) arrange this insurance and is not the insurer. The Discretionary Trust Arrangement is issued by the Trustee, JLT Group Services Pty Ltd (ABN 26 004 485 214, AFSL 417964) (“JGS”). JGS is part of the Marsh group of companies. Any advice in relation to the Discretionary Trust Arrangement is provided by JLT Risk Solutions Pty Ltd (ABN 69 009 098 864, AFSL 226827) which is a related entity of Marsh. The cover provided by the Discretionary Trust Arrangement is subject to the Trustee’s discretion and/or the relevant policy terms, conditions and exclusions. This website contains general information, does not take into account your individual objectives, financial situation or needs and may not suit your personal circumstances. For full details of the terms, conditions and limitations of the covers and before making any decision about whether to acquire a product, refer to the specific policy wordings and/or Product Disclosure Statements available from JLT Risk Solutions on request. Full information can be found in the JLT Risk Solutions Financial Services Guide.”