Coastal flooding is expected to damage 267,000 properties and two million of hectares across the nation this century, according to the Climate Council. 

It calls for a reduction in pollution to reduce sea level rise, and strategies to prepare and adapt. 

Avoiding hazards by preventing development in areas that will be at risk “is the single most effective and cost-efficient option,” says a report from the Council. 

Planned or managed retreat from properties and assets in highly-exposed locations, and accommodation – or living with coastal hazards – are also strategies, along with investments in coastal protection, where feasible. 

The Council forecasts that sea level rise will cause losses of $885 billion this century, comprising $274.3 billion in property losses and $580.7 billion in land use damage. 

Climate pollution from burning coal, oil and gas is causing ice sheets to melt and oceans to warm and expand, leading to a rise in sea levels, which are predicted to rise 14cm by 2050, says the Council. 

Queensland has the greatest number of homes at risk, followed by NSW and WA. 

Insurance Council of Australia research from 2021 estimates governments will need to invest $30 billion in large scale coastal protection and adaptation projects over the next 50 years as communities, property and infrastructure become vulnerable. 

The report says insurance policies that exclude actions of the sea are driving a widening protection gap for coastal communities. 

With insurance largely unavailable, more attention needs to be given to reducing the risks.