Cyclone & storm
The Cost of Extreme Weather – The McKell Institute
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Commissioned by the ICA, The McKell Institute report, The Cost of Extreme Weather, shows that extreme weather events over the past 12 months cost every Australian household.
NSW Labor’s Western Sydney flood package welcomed
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NSW Labor’s Western Sydney flood package welcomed
![image](https://insurancecouncil.com.au/wp-content/uploads/2021/04/1a-media-release-bg.png)
News release
Monday, 25 July, 2022
The announcement today that, if elected, a future New South Wales Labor Government would invest $225 million to make Western Sydney more resilient to flooding is a welcome first step, the Insurance Council of Australia (ICA) said today.
The $225 million Western Sydney Floods Resilience Plan announced by New South Wales Opposition Leader Chris Minns today includes a plan to invest $24 million to protect communities from large scale flooding by building new levees at Peachtree Creek, McGraths Hill and Pitt Town.
Some residents of Western Sydney have experienced flooding four times in the past two years, and the region is one of the most flood-prone in Australia.
The February-March 2022 floods were Australia’s most costly flood ever causing $4.8 billion in insured losses, approximately half of which was in New South Wales. The floods that impacted parts of New South Wales earlier this month have seen $145 million in damages in impacted parts of the State, including Western Sydney.
Earlier this year the Insurance Council released its Building a More Resilient Australia report, which called for $232 million to be jointly invested by the New South Wales and Federal Governments over five years to improve property resilience to flood, storm and bushfire.
Leading actuarial consultancy Finity estimated that this investment would save governments and communities $5.6 billion to 2050, 24 times a return on investment.
Building a More Resilient Australia also included a recommendation for a $532 million local infrastructure fund to support investment across the country in projects such as levees, seawalls and floodways.
New South Wales is the only mainland state – and will soon be the only state – to levy insurance customers to fund emergency services, adding 30 to 40 per cent to the cost a premium and driving down levels of insurance coverage.
Changes are also required to land use planning and building codes to make sustained improvements to community resilience.
Quote attributable to ICA CEO Andrew Hall:
Today’s announcement by New South Wales Labor is a welcome first step and shows that political stakeholders are heeding the resilience message insurers have been giving over a long period.
New South Wales is the highest-taxing state in the country when it comes to insurance, which drives down adequate coverage at a time and in a state where we need it most.
In the lead-up to next March’s state election the Insurance Council and insurers are calling on all parties to commit to abolishing this retrograde impost.
We look forward to the New South Wales Government’s response to the O’Kane / Fuller inquiry into the February-March floods, which must include significant investment in resilience measures and changes to land use planning.
Community resilience to flood can improve, new report finds
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Community resilience to flood can improve, new report finds
![image](https://insurancecouncil.com.au/wp-content/uploads/2021/04/1a-media-release-bg.png)
News release
A new report released today by the Insurance Council of Australia (ICA) has found current land-use planning rules are not properly protecting Australians from worsening flood risk but can be improved.
Estimates show more than one million private properties, or about one in 10 homes, have some level of flood risk in Australia.
Revealed in the third of ICA’s Climate Change Impact report series, Flooding and Future Risks, the report identifies the need for an overhaul of the rules governing how and where new homes are built.
It notes as the climate continues to warm existing flood zones are likely to expand and expose more property and assets.
While the report focuses on modern homes (built post-2000) and managing flood risk to new development, it also identifies important measures to mitigate the risk of flood in established areas, such as investing in levees and floodways.
The report, which draws on analysis conducted by James Cook University Cyclone Testing Station in association with Risk Frontiers, leverages data from thousands of flood claims covering four recent flood events.
The report finds that:
Current land use planning settings and associated building controls do not eliminate flood risk to modern properties
The current building code does not consider building resilience to flood risk
There are key data gaps that prevent insurers and homeowners from building an accurate picture of flood risk, particularly in a changing climate.
The report identifies flooding as one of the costliest extreme weather events in Australia.
The total cost of floods, from river flooding and high intensity rainfall, since ICA records began in 1970 is in excess of $21.3 billion.
The cost of this year’s floods across south-east Queensland and northern New South Wales is estimated to be $3.346 billion, making it Australia’s costliest flood ever.
The report references analysis by financial actuary consultancy Finity for the Insurance Council, proposing a five-year $2 billion Federal Government resilience investment program to better protect Australians from flood as well as cyclones, bushfire and coastal risks.
Quote attributable to ICA CEO Andrew Hall:
This report again underscores the need to make better decisions in land use planning, building standards and government investment in mitigation works if we are going to end this cycle of flood impacts on homes and businesses in Australia.
Addressing the risks identified in this report will play a key role in better protecting communities in the face of worsening flooding and help improve access to affordable insurance coverage.
Federal decision on Queensland resilience funding disappointing
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Federal decision on Queensland resilience funding disappointing
![image](https://insurancecouncil.com.au/wp-content/uploads/2021/04/1a-media-release-bg.png)
News release
Wednesday, 6 April 2022
The Insurance Council of Australia (ICA) today expressed its disappointment in the Federal Government’s decision to not contribute to the Queensland Government’s extreme weather resilience package.
Last Month the ICA welcomed the Queensland Government’s announcement of a $741 million Resilient Residential Recovery package to better protect Queenslanders from the impacts of extreme weather events, such as flood and cyclone.
The Queensland Government had requested that the Federal Government fund 50 per cent of the package, which was designed to assist Queenslanders pay for resilience measures such as retrofitting and raising homes in flood impacted areas.
The ICA has long been calling for the Queensland Government to lift its investment in this area, and late in February released its Building a More Resilient Australia report which called for $726 million to be invested jointly by the Queensland and Federal Governments over the next five years.
Building a More Resilient Australia calls for Federal Government investment in measures to better protect homes and communities from the impacts of extreme weather to be doubled nationally to $200 million a year over five years, and for this to be matched by the states and territories.
Last week, the ICA welcomed the Federal Government’s 2022-23 Budget announcement of $268 million in related measures to better protect Australians from the impacts of extreme weather.
While the two-year commitment to resilience funding was welcome, sustained and greater funding in this area is required if the risk profile of communities exposed to extreme weather is to change.
A poll undertaken last month for the ICA found that 68 per cent of people living in Greater Brisbane say that not enough is being invested by governments at all levels to protect homes and communities from extreme weather events, with 62 per cent calling for funding to at least double.
Fifty-two percent of those surveyed in the Queensland capital believe funding of this important protection is the responsibility of the State and Federal governments equally.
As of Friday 1 April, more than 92,700 claims had been lodged in Queensland in relation to the March floods, with an estimated claims cost of $1.3 billion.
Quote attributable to ICA CEO Andrew Hall:
As severe rain and flooding continues to impact the east coast the failure of the Federal Government to match Queensland’s investment in measures to improve household and community protections against extreme weather is disappointing and short-sighted.
If Australia is to get serious about improving our resilience to flood, bushfire and cyclone, all levels of government must contribute.
Australians – particularly those still impacted by the ongoing rain and flooding – want governments to come together to provide better protections against worsening extreme weather, not wash their hands of responsibility.
ICA Welcomes Federal Government Disaster Fund
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ICA Welcomes Federal Government Disaster Fund
![image](https://insurancecouncil.com.au/wp-content/uploads/2021/04/1a-media-release-bg.png)
News release
Friday 18 March 2022
The Insurance Council of Australia (ICA) has today welcomed the Federal Government’s decision to draw down on its Emergency Response Fund and inject $150 million to communities devastated by the recent floods.
The Queensland and New South Wales governments will each receive $75 million to assist in immediate disaster recovery, as well as much-needed funding for future disaster risk mitigation and resilience initiatives.
The Insurance Council and insurers have long been calling for greater investment in making homes, businesses and communities more resilient in the face of worsening extreme weather.
Late last month, the Insurance Council released our election platform, Building a More Resilient Australia, calling for a doubling of Federal funding to $200 million a year matched by states and territories.
The platform called for a range of measures to better protect households and communities from the impacts of extreme weather and put downward pressure on premiums.
Comment attributable to Andrew Hall, CEO Insurance Council of Australia:
In the past two weeks we have seen millions impacted by worsening extreme weather as a result of climate change.
The devastation we have witnessed is evidence of the urgent need to improve community resilience in areas with high risk of extreme weather impacts.
We welcome this much needed investment, not only for communities in desperate need of help now but which, when the time comes to build again, will need investment that makes them safer and more resilient.
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