ICA urges doubling of fund

The Insurance Council of Australia (ICA) has called for a doubling of a federal fun in order to ensure resilience of homes, businesses and communities.

The ICA’s policy platform for the coming federal election calls for all Australian governments to collectively lift funding to AUD2 billion over the next five years.

The platform outlines six measures to make at-risk communities and homes more resilient to flood, cyclone and bushfire that are estimated to save governments and households at least AUD19 billion to 2050.

The proposed investment program has been developed in consultation with leading actuarial consultancy Finity and includes AUD522 million for local projects such as flood levees to defend regional towns, AUD413 million to better protect homes against flood, Australia’s most expensive natural peril, by raising utilities and services above the expected flood line, AUD221 million to cyclone-proof more than 44,000 homes in northern Australia, AUD712 million to support the selective reduction of fuel in forests, AUD37 million for an improved national flood early warning system, estimated to increase the lead time for flood warnings from 3-5 to 10-15 days, and AUD10 million to establish a national coastal hazard information database.

The ICA is calling for a review of land use planning arrangements to ensure no more homes are built in areas with a high risk of extreme weather impacts, and for national building codes to be strengthened.