Insurers welcome $400 million funding for disaster resilience
Insurers welcome $400 million funding for disaster resilience | Insurance Business Australia
Catastrophe & Flood
Insurers welcome $400 million funding for disaster resilience
Funding to be invested in over 100 initiatives
Catastrophe & Flood
By
Roxanne Libatique
Insurers have welcomed the federal government’s announcement of a $400 million investment in 187 disaster resilience and mitigation projects to protect Australian communities from the impacts of extreme weather events.
The funding for the projects includes the first allocation from the federal government’s annual $200 million Disaster Ready Fund (DRF), with the funding of most projects matched by state, territory, local government, or delivery partners.
The projects that will receive funding include infrastructure and risk reduction initiatives such as flood levees, seawalls, cyclone shelters, and hazard warning systems.
Insurance industry welcomes investment
The Insurance Council of Australia (ICA) has welcomed the funding announcement, adding that the projects and the ongoing coordinated national approach from insurers and governments through the Hazard Insurance Partnership (HIP) will work to lessen the impact of extreme weather events.
“For many years, the insurance industry has focused its advocacy on government investment to improve community resilience to worsening extreme weather, and today, we are seeing this hard work pay off for Australian communities,” said ICA CEO Andrew Hall. “Emergency Management Minister Murray Watt is to be commended for his dedication to see projects identified and funding committed within a year of the DRF announcement, and we thank him for continuing to collaborate with insurers on this important topic.”
IAG managing director and CEO Nick Hawkins said investing in disaster mitigation initiatives will protect lives, properties, businesses, and critical infrastructure – reducing the financial, physical, and social costs of recovering from severe weather events.
“For more than a decade, we’ve highlighted the importance of greater investment in mitigation initiatives to help protect communities before disasters strike, and the government’s Disaster Ready Fund and financial support provided by all levels of government for these projects will help achieve this,” Hawkins said. “Protecting people and communities most vulnerable to severe weather events, which are becoming more frequent and severe due to the impacts of climate change, must be a priority for the nation and today’s announcement is an important step forward.”
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