Australia and New Zealand Insurers Unite for Disaster Resilience Initiative

The Insurance Council of Australia (ICA) and the Insurance Council of New Zealand (ICNZ) have signed a Memorandum of Understanding to create the Resilient Insurance Markets Initiative. This partnership aims to enhance regional resilience against various threats, including climate volatility, cyber threats, and geopolitical instability. The initiative will focus on sharing insights on risk reduction, coordinating advocacy for community resilience, and aligning regulatory frameworks. Leaders from both councils emphasized the importance of investment in resilience, noting that every dollar spent before a disaster can yield significant returns in avoided losses. The partnership is a response to increasing disaster risks affecting both nations, with a commitment to work collaboratively for better outcomes.

Key Points: • ICA and ICNZ have established a formal partnership to enhance regional resilience. • The initiative addresses climate volatility, cyber threats, and geopolitical instability. • Investment in resilience is crucial, with potential returns of $5 to $8 for every dollar spent.