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Highlights
- Australia’s Bureau of Meteorology has declared that a La Nina weather event is now underway.
- La Nina is a Spanish term which means “the girl child”.
- La Nina suggests a 65 % higher chance that parts of the country will experience more tropical cyclones than usual.
After Australia’s Bureau of Meteorology revealed that a La Nina weather event is underway and will be around for the second year in a row, Insurers are planning for a hectic summer of claims which are likely to raise premiums for companies and consumers.
During the summer time, La Nina weather system usually features robust rainfall, more tropical cyclones, and is cooler in the Pacific Ocean region.
Reportedly, as per meteorological department the last significant La Nina was 2010-12. This strong event witnessed large impacts across Australia, including the Country’s wettest two-year periods on record and widespread flooding.
The last La Nina event in Australia occurred in the 2011 floods in Brisbane, wherein 35 people lost their lives.
The Insurance Council of Australia has maintained that the Bureau’s La Nina confirmation would lead to more severe weather and an elevated risk of consequent flooding and damage.
Insurance premiums have already increased in the previous year, including some double-digit hikes, following a spate of wild weather claims and higher costs due to global supply chain issues.
The wetter summer could benefit certain crops, with the wheat forecast for this season raised by 17% to near-record levels citing pleasant weather.
La Niña events typically last for a year; however, climate models indicate that this year’s pattern will be short-term, continuing either until the late southern hemisphere summer or early autumn 2022.
Noticeably, La Nina suggests a 65 % higher chance that parts of the country will experience more tropical cyclones than usual.
Read More: Pinnacle Investment (ASX:PNI) invests in equity group Five V Capital
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