The Council proposes a 10-year A$30.15bn (US$21.50bn) Flood Defence Fund targeting 24 east-coast catchments covering 1.2 million at-risk properties, among other priorities.
All APAC insurers surveyed reported moderate-to-very high concern about physical risk creating broader financial instability, but only 36% have integrated it into overall risk management.
Representatives from PCRIC, African Risk Capacity, CCRIF SPC, and SEADRIF met in Italy to begin work on a shared risk finance platform for member states.
The proposed fund, intended for building hard infrastructure against flooding in high-risk communities, would be co-invested by federal and state governments over 10 years.
Responding to Queensland's proposal for a mutual insurer, Andrew Hall says a national flood risk pooling scheme and large-scale mitigation investment are needed to fix Australia's insurance affordability...
The move follows a wave of new insurance offerings and capacity expansions as the insurance industry targets growing data centre opportunity - and risks.
Insurers in Asia-Pacific are increasing their use of risk-mitigation incentives and advanced analytics as natural catastrophe losses rise across the region.
