More than $226 billion of Australian assets, including 274,000 homes, would be threatened by a sea level rise of 1.1 metres, according to a leaked report on climate change.

The Intergovernmental Panel on Climate Change (IPCC) last month published the first part of its Fifth Assessment, which warns there is a 95% certainty global warming is being caused by human activity.

The second part is due for release in March but a draft version, which contains a grim outlook for Australia, has been leaked.

It says the country can expect more frequent heatwaves and associated deaths, more extreme rainfall and growing flood risk in many regions.

Tropical cyclones are forecast to increase in intensity and fire weather is likely to worsen in most of southern Australia as well as in many parts of New Zealand.

Freshwater resources are expected to decline in the southwest and southeast of mainland Australia.

While the magnitude of future sea level rises is uncertain, their “persistence over many centuries implies that realisation of these risks is only a question of time”.

Adaptation measures are being implemented, but policies “remain piecemeal and subject to political changes”, the report says.

Australia’s endemic wildlife, including the koala and platypus, could be threatened.

“In some studies, complete loss of climatically suitable habitat is projected for some species within a few decades, and therefore increased risk of local and, perhaps, global extinction.”

Climate change will also hit Australian tourism, the report says.

The Great Barrier Reef – with a tourism value of more than $50 billion over the next 100 years – is predicted to degrade under all scenarios.

The report warns indigenous people in Australia and New Zealand have higher exposure to harm “due to a heavy reliance on climate-sensitive primary industries”.

Insurance can contribute to risk reduction “by providing incentives to policyholders to reduce their risk profile… through resilience ratings given to buildings”.

It says insurance can also act as a barrier when people in “prone localities pay discounted or cross-subsidised premiums, or if policies fail to encourage betterment after damaging events by requiring replacement of ‘like for like’, constituting a missed opportunity for risk reduction”.

An IPCC spokesman told insuranceNEWS.com.au draft reports are likely to change and “it may be misleading to draw conclusions from them at this stage”.