The potential damage to properties in the firing line of Tropical Cyclone Alfred should serve as a wake-up call for policymakers on insurance affordability, climate risk experts say.
One in five Australians polled by The Australia Institute are uninsured or underinsured, with the average middle-income family at risk of losing three-quarters of their wealth if their home was destroyed without coverage, fresh research from the think tank has found.
Alfred is expected to make landfall late on Thursday or early on Friday between the Sunshine Coast and the Gold Coast.
Heavy rain, flash flooding, fierce winds and storm surges are expected for the region facing its first direct cyclone impact in 50 years.
Modelling by Climate Risk Group had already identified southeast Queensland and northern NSW as areas at growing risk from cyclones migrating south due to warming sea temperatures.
Chief executive of the group, Karl Mallon, said it was increasingly likely that a cyclone more intense than Alfred would head towards the coast.
"It is only to be expected that insurance premiums will rise in areas where the risk of damage from cyclones increases," he said.
Dr Mallon said homes in Alfred's path were not built to withstand such high-intensity storms and the cyclone should serve as a "wake-up call" for governments that triggers building code upgrades and adaptation investment.
Keeping buildings standing during cyclones and other extreme weather events would lower insurance risk, University of Melbourne architecture and construction expert Chris Jensen said.
Shutters to protect windows, structural bracing and secured roof sheeting were all features of a cyclone-resilient building, though too many properties were not well-equipped.
Regulations were failing to keep up, Dr Jensen said, with flood and cyclone zones captured by building codes but reliant on historical data rather than projections accounting for climate change.
Building code tweaks would ensure homes built back after a flood, fire or cyclone would be constructed to a higher standard, he explained, and less likely to suffer the same fate.
Federal independent MP Zali Steggall has called on both major parties to commit to a national climate risk and adaption plan in the next term of parliament.
"With an election set to be called any day, addressing climate risk, one of the biggest threats to our economy and impacting the safety of our communities, is barely rating a mention by the traditional parties," she said.
"This is a disgrace."
Ms Steggall cited institute's research showing livelihoods were at risk from worsening extreme weather and poor insurance affordability.
'Middle Australia' were found to be particularly exposed if uninsured, given so much of their wealth is tied up in the family home.
Polls indicate a likely outcome of the coming federal election is a minority government.
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