Extreme weather cost insurers $1.2 billion

New report into the effects of climate change has found insurance companies paid out more than $1.2 billion in claims arising from extreme weather events last year.

Extreme weather cost insurance companies $1.2 billion last year. Source: AAP

The Climate Council has observed an increase in the severity and frequency of extreme weather, and the past four years have been the four hottest on record for global surface temperatures.

Climate change is poised to be a key policy battleground ahead of the expected May election, with a number of independent candidates naming it as a focus of their campaigns to oust sitting Liberal MPs.