The offering adds higher limits for liability, cyber, project cargo and terrorism risks, alongside broader advisory support across the asset lifecycle.
Insurance Commissioner Regalado said insurers need to adjust underwriting, pricing, reserving and capital management to better reflect future climate-related risks.
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.
