Almost a quarter of Australians say they have no insurance for natural catastrophe damage, while another 13.1% are unsure if they have cover, according to a survey by Swiss Re.

However, almost 80% of respondents think it is “very likely” or “somewhat likely” that in 20 years catastrophes such as storms and flooding will be among the major risks they face.

Swiss Re Head of Australia and New Zealand Mark Senkevics says people understand such critical risks require planning and action.

“These findings show that Australians are thinking about the future and are concerned about the major risks we’re likely to face in the coming decades.”

Although almost two-thirds of respondents believe their homes and possessions are insured, they may not all be adequately covered, Swiss Re says. Underinsurance may be as big an issue as non-insurance, it warns.

More than 60% of Australians say their home area has been hit at least one type of natural catastrophe since they moved in. Three in five fear being affected in the next three years.

“Swiss Re believes the mounting exposure to disasters and the consequential devastating social and economic costs requires governments to take a more thorough and robust system of risk management, which must include both mitigation and adaptation measures,” the company said.

Gallup’s Risk Window global poll, commissioned by Swiss Re for its 150-year anniversary, questioned 1000 Australians among nearly 22,000 adults across 19 international markets in the first half of this year.

A report in insuranceNEWS.com.au published on September 2 examined the survey’s global findings.