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.
The plan outlines a shift toward wider regional capability, aiming to strengthen long-term resilience and drive greater impact for Pacific governments and communities.
Federal and state-backed projects include cyclone shelters, bushfire risk reduction, and upgraded early warning systems across all states and territories.
