Climate risk is no longer a distant concern—it’s already shaping how banks, insurers, and homeowners approach property. In this episode, we sit down with Philip Tapsell from XDI Systems, part of the Climate Risk Group, to explore how climate-related risks are being measured and factored into financial decisions. How close are banks to pricing in climate risk with mortgages? What happens when certain areas become uninsurable? And what can property owners do to safeguard their investments?

Philip breaks down the growing impact of extreme weather on property values and highlights the information gap between financial institutions and everyday buyers. We discuss the challenges of outdated flood maps, the shifting approach to risk assessment, and whether institutions are doing enough to prepare for future disasters.

We also touch on how other countries are responding—some taking proactive steps, others simply waiting for someone else to move first. If you’re a property owner or buyer, this conversation is a must-listen to understand what climate risk means for your biggest asset.

Episode Highlights:

00:00 - Introduction

01:00 - Who is Philip Tapsall?

02:10 - What made Philip leave the banks?

04:15 - Philip's major concerns when it comes to climate risk and property

06:55 - Why flood maps have been redone, and its impact on property buyers

11:33 - Are banks and insurers avoiding the reality of climate risk?

15:17 - Proactive or reactive: Are we handling climate risk the wrong way?

18:45 - Is climate risk hitting lower-income communities the hardest?

21:04 - What needs to change in the next decade to protect property from climate risk?

24:05 - Should we focus on protecting existing homes instead of restricting new builds?

26:43 - How property value, population, and location impact climate risk

30:48 - Are affluent nations taking action on climate risk, or still in denial?

40:06 - What climate risk ratings really mean for homeowners

47:47 - Climate risks beyond fire and flood homeowners should watch for

54:15 - Philip Tapsall’s property dumbo

About Our Guest:

Philip Tapsall is the Head of Corporate and Finance Sector Engagement at XDI Systems. He leads XDI’s engagement with regulators, corporates, and financial institutions, helping them assess climate risk. XDI, part of the Climate Risk Group, quantifies the cost of extreme weather on physical assets. He also serves as General Manager of Climate Valuation, which helps individuals and communities understand climate-related property risks. With over 20 years in finance, policy, and engineering, Philip has worked with ANZ, Westpac, HSBC, and WWF-India. He holds degrees in Commerce, Political Science (Hons), and Civil Engineering and is a graduate of the Australian Institute of Company Directors.

Connect withPhilip Tapsall:
LinkedIn https://au.linkedin.com/in/philiptapsall
Website https://xdi.systems/

Resources:
Visit our website https://www.theelephantintheroom.com.au
If you have any questions or would like to be featured on our show, contact us at: The Elephant in the Room Property Podcast  questions@theelephantintheroom.com.au
Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
Work with Veronica: https://www.veronicamorgan.com.au
Looking for a Mortgage Broker? https://www.alcove.au
Work with Chris: chrisbates@alcove.au

Enjoyed the podcast? Don't miss out on what's yet to come! Hit that subscription button, spread the word and join us for more insightful discussions in real estate. Your journey starts now!
Subscribe on YouTube: https://www.youtube.com/@theelephantintheroom-podcast
Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/the-elephant-in-the-room-property-podcast/id1384822719
Subscribe on Spotify: https://open.spotify.com/show/3Ge1626dgnmK0RyKPcXjP0?si=26cde394fa854765

Climate risk is no longer a distant concern&mdash;it&rsquo;s already shaping how banks, insurers, and homeowners approach property. In this episode, we sit down with Philip Tapsell from XDI Systems, part of the Climate Risk Group, to explore how climate-related risks are being measured and factored into financial decisions. How close are banks to pricing in climate risk with mortgages? What happens when certain areas become uninsurable? And what can property owners do to safeguard their investments?
Philip breaks down the growing impact of extreme weather on property values and highlights the information gap between financial institutions and everyday buyers. We discuss the challenges of outdated flood maps, the shifting approach to risk assessment, and whether institutions are doing enough to prepare for future disasters.
We also touch on how other countries are responding&mdash;some taking proactive steps, others simply waiting for someone else to move first. If you&rsquo;re a property owner or buyer, this conversation is a must-listen to understand what climate risk means for your biggest asset.
Episode Highlights:
00:00 - Introduction
01:00 - Who is Philip Tapsall?
02:10 - What made Philip leave the banks?
04:15 - Philip's major concerns when it comes to climate risk and property
06:55 - Why flood maps have been redone, and its impact on property buyers
11:33 - Are banks and insurers avoiding the reality of climate risk?
15:17 - Proactive or reactive: Are we handling climate risk the wrong way?
18:45 - Is climate risk hitting lower-income communities the hardest?
21:04 - What needs to change in the next decade to protect property from climate risk?
24:05 - Should we focus on protecting existing homes instead of restricting new builds?
26:43 - How property value, population, and location impact climate risk
30:48 - Are affluent nations taking action on climate risk, or still in denial?
40:06 - What climate risk ratings really mean for homeowners
47:47 - Climate risks beyond fire and flood homeowners should watch for
54:15 - Philip Tapsall&rsquo;s property dumbo
About Our Guest:
Philip Tapsall is the Head of Corporate and Finance Sector Engagement at XDI Systems. He leads XDI&rsquo;s engagement with regulators, corporates, and financial institutions, helping them assess climate risk. XDI, part of the Climate Risk Group, quantifies the cost of extreme weather on physical assets. He also serves as General Manager of Climate Valuation, which helps individuals and communities understand climate-related property risks. With over 20 years in finance, policy, and engineering, Philip has worked with ANZ, Westpac, HSBC, and WWF-India. He holds degrees in Commerce, Political Science (Hons), and Civil Engineering and is a graduate of the Australian Institute of Company Directors.
Connect with Philip Tapsall:
<ul>
<li aria-level="1">LinkedIn <a href="https://au.linkedin.com/in/philiptapsall">https://au.linkedin.com/in/philiptapsall</a></li>
<li aria-level="1">Website <a href="https://xdi.systems/">https://xdi.systems/</a></li>
</ul>
Resources:
<ul>
<li aria-level="1">Visit our website <a href="https://www.theelephantintheroom.com.au">https://www.theelephantintheroom.com.au</a></li>
<li aria-level="1">If you have any questions or would like to be featured on our show, contact us at:&nbsp;The Elephant in the Room Property Podcast&nbsp; <a href="mailto:questions@theelephantintheroom.com.au">questions@theelephantintheroom.com.au</a></li>
<li aria-level="1">Looking for a Sydney Buyers Agent? <a href="http://www.gooddeeds.com.au/">https://www.gooddeeds.com.au</a></li>
<li aria-level="1">Work with Veronica: <a href="http://www.veronicamorgan.com.au">https://www.veronicamorgan.com.au</a></li>
<li aria-level="1">Looking for a Mortgage Broker? <a href="https://www.alcove.au">https://www.alcove.au</a></li>
<li aria-level="1">Work with Chris: <a href="mailto:chrisbates@alcove.au">chrisbates@alcove.au</a></li>
</ul>
Enjoyed the podcast? Don't miss out on what's yet to come! Hit that subscription button, spread the word and join us for more insightful discussions in real estate. Your journey starts now!
<ul>
<li aria-level="1">Subscribe on YouTube: <a href="https://www.youtube.com/@theelephantintheroom-podcast">https://www.youtube.com/@theelephantintheroom-podcast</a></li>
<li aria-level="1">Subscribe on Apple Podcasts: <a href="https://podcasts.apple.com/ph/podcast/the-elephant-in-the-room-property-podcast/id1384822719">https://podcasts.apple.com/ph/podcast/the-elephant-in-the-room-property-podcast/id1384822719</a></li>
<li aria-level="1">Subscribe on Spotify:&nbsp;<a href="https://open.spotify.com/show/3Ge1626dgnmK0RyKPcXjP0?si=26cde394fa854765">https://open.spotify.com/show/3Ge1626dgnmK0RyKPcXjP0?si=26cde394fa854765</a></li>
</ul>

Who's really in control when you buy a property?

The Elephant In The Room is where the things that no one wants to talk about, actually get talked about.  

Veronica Morgan, real estate agent, buyers agent and co-host of Foxtel’s Location Location Location Australia & Chris Bates, financial planner, mortgage broker and wealth coach have joined forces to find out what’s really going on in the world of real estate.

Veronica and Chris talk to property owners and buyers every day in their respective lines of business. They’ve observed a wide spectrum of confidence in people’s decision making ability when buying and selling property, often to the detriment of the individuals concerned. They are both fascinated by consumer behaviour and together they’re going to uncover who’s really making the decisions when you buy a property.

In each episode they get into the psyche of buyers, agents, auctioneers and other industry experts to learn the truth about how buyers are influenced and why they do the things they do. In every episode you’ll learn from the mistakes of a “property dumbo” as well as Chris & Veronica’s “elephant rider bootcamp” training session.

The plan? This property podcast has been created to help us all make better property decisions!

We talk about the things no one wants to talk about in the Property Market

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