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Author(s): Simone Fox Koob

Billions in CBA mortgages exposed to extreme weather risks, climate analysis finds

Source(s): Sydney Morning Herald, Fairfax Digital Network
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A CBA climate risk assessment of its home loan portfolio found about 38,000 properties, with mortgages equalling $11 billion, have been assessed as having a high risk of exposure to cyclones, while 56,000 properties ($19 billion) are at risk of floods and 5000 ($2 billion) at risk of fire.

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The report said communities with workforces highly concentrated in fossil fuel-related industries were likely to be significantly impacted under varying Paris-aligned scenarios.

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The Reserve Bank has previously warned that property in parts of Australia exposed to climate change and wild weather could experience valuation declines that left banks with less protection in the event of a default.

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But they note it’s the rise in climate risk not yet reflected in property prices that is key when considering banks’ exposures in climate-sensitive regions.

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Hazards Cyclone, Hurricane and Typhoon Flood Wildfire
Themes Insurance and risk transfer Shelter and housing Social impacts and social resilience
Country and region Australia

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