The initiative seeks to build disaster-risk financing into development planning, enabling quicker fiscal response and reducing recovery costs for governments.
The ICA has activated early catastrophe processes and warned residents to prepare for more storms following Brisbane and Ipswich hailstorm on 26 October.
Property and casualty insurance rates in the region fell 5% and 3% respectively, according to Marsh data, with financial and professional lines recording the steepest drop at 8%.
