Increasing transition in human settlement and industry land-use patterns
Increasing risks of land, property and infrastructure damage along with the increasing concern of underinsurance are likely to change the liveability and profitability of certain regions. This has potential impacts on human settlement and industry patterns, creating potential for abandoned land and extra burdens on urbanised area resources.
Changes we are seeing
Globally and locally there is an ongoing risk for land that is increasingly hazard-prone or uninhabitable due to climate change impacts.
- Costs of resources, including water, may increase with potentially growing needs for water use and subsequent demands for treatment of supply (sedimentation; algal blooms)
- Industries are increasingly adapting to changing resource availability.
- Adaption in healthcare, critical infrastructure and settlement patterns is a growing reality for many countries.
Climatic conditions and extreme events are driving up individual and organisational insurance costs.
- It is possible that 1 in 25 Australian properties will be uninsurable by 20301.
- An estimated minimum of $30 billion will need to be invested in Australia to protect coastal properties from sea level rises and some communities will need to retreat to less hazardous regions2.
- 97% of businesses in a global Deloitte survey have already felt the impacts of climate change. 44% are thinking about updating or relocating operations for climate resilience3.