Insurance Council Advocates for Climate Resilience Investment on Cyclone Alfred Anniversary

In its pre-budget submission, the ICA proposes the establishment of a Flood Defence Fund, backed by $30 billion co-invested by federal and state governments over ten years. This fund would focus on building infrastructure to prevent flooding in Australia's highest-risk communities, strengthening homes, and implementing buy-back schemes where no other mitigation measures are feasible.

Additionally, the ICA advocates for the finalisation of a national hazard baseline to target resilience investment and inform land use planning. This would involve ongoing funding and a commitment to making data publicly available for use by local governments, insurers, businesses, and homeowners.

For the agricultural sector, these proposed measures are particularly pertinent. Farmers are often on the frontline of climate-related disasters, facing significant financial losses due to events like floods, droughts, and bushfires. Investing in resilience infrastructure and informed planning can help safeguard farms, protect livelihoods, and ensure the sustainability of Australia's agricultural industry.

The ICA's call to action serves as a reminder of the critical importance of preparedness and proactive investment in the face of escalating climate risks. By prioritising resilience, Australia can better protect its communities and economy from the devastating impacts of future natural disasters.