At $4.5bn each year extreme weather is costing Australia three times as much compared with 1990s, insurers say

‘The trajectory is only up, in terms of insured costs’ CEO of insurance peak body warns

• Get our breaking news email, free app or daily news podcast

The costs of extreme weather events such as floods, bushfires and storms have nearly tripled in Australia since the 1990s, insurers have warned, with poorer communities disproportionately burdened.

The climate crisis, ageing infrastructure and growing populations in increasingly affected regions have left the country more vulnerable, according to a report released on Tuesday by the Insurance Council of Australia.