Australian homes aren’t insurable against nuclear accidents – at least for now.  

While the issue isn’t one that gets the industry excited – global warming and about 20 other issues beat it on the priority list – a paper released by the Australian Greens makes much of Australia’s negligible insurance threat.

“Nuclear Australia: Who bears the risk?” says homeowners are unable to insure their homes, possessions and other assets against nuclear damage.

Greens Senator Christine Milne says the paper shows that insurance policies contain nuclear exclusion clauses as standard practice. “Most Australians would be surprised to learn that they can’t insure their home against a nuclear accident,” she said. “If the Howard Government intends to build nuclear reactors in Australia it will expose homeowners to huge financial risk.”

Asked whether the Federal Government should provide more research on the issue before insurers commit themselves to these risks, the Insurance Council of Australia (ICA) says analysis is necessary.

Karl Sullivan, ICA’s GM Policy in the Risk and Disaster Directorate, told Sunrise Exchange News the issue is being actively considered by the council’s strategic risk committee.