A rising toll of natural catastrophes has hit the cost and availability of insurance coverage in parts of Australia, says Insurance Information Institute President Robert Hartwig.

In a speech to the A&I Member Services (AIMS) conference in Hawaii, Dr Hartwig analysed increasing and emerging global risks.

He says environmental risks include rising greenhouse gas emissions, failure of climate change adaptation, antibiotic-resistant bacteria, vulnerability to geomagnetic storms, mismanaged urbanisation, species overexploitation, persistent extreme weather and irremediable pollution.

New York-based Dr Hartwig says Australia has had more catastrophic events to deal with in recent years “than it would have liked”.

“This has made it perhaps more difficult in some cases to find the coverage that certain risks need in certain parts of the country.”

Between 1967 and 2011, storms were the most costly natural disaster in Australia, accounting for almost $22.5 billion in losses.

Hail accounted for just over $16 billion, bushfires $5.49 billion, floods $5.36 billion and earthquakes $3.45 billion.

There is no doubt that the global catastrophe toll is rising, says Dr Hartwig, with five new disasters added to the top 16 list in the last three years.

“My estimate in 2011 – which was the most expensive year in the history of catastrophe losses – is that those losses shaved about half a point off global GDP at a time when the world could scarcely afford it.”

Dr Hartwig says the 2013 hurricane season in the US is predicted to be 75% worse than normal, and that he is constantly quizzed over whether the industry is prepared and has enough money to pay all the claims.

But he insists the industry is “rock solid”, in stark contrast to the banks during the financial crisis.