The Australian Prudential Regulation Authority (APRA) have called for greater national investment in natural disaster mitigation and resilience to ensure that insurance remains available and affordable in disaster-prone parts of the country.

In a speech given to the Australian Business Roundtable for Disaster Resilience and Safer Communities, APRA Executive Board member Geoff Summerhayes said the high, rising and volatile costs of natural disasters was leading to declining insurance affordability and accessibility.

He said tackling the root cause “through greater investment in mitigation to protect homes, businesses and infrastructure from damage” was the most effective way of meaningfully and sustainably addressing the issue.

The Insurance Council of Australia (ICA) has welcomed APRA’s speech on natural disaster mitigation.

More information here

ICA Media Release here