Original article by Michael Roddan
The Australian – Page: 21 : 21-Nov-17
The Australian Business Roundtable has urged the federal government to spend more on mitigation and resilience when it comes to managing the impact of natural disasters. The Roundtable, whose members include Munich Re and Insurance Australia Group, argue that too much of the current focus of government spending when it comes to natural disasters is on recovery, and it believes this needs to change. Its research suggests that the cost of cleaning up after natural disasters could increase to nearly $A40 billion per annum by 2050, a figure that does not take into account the impact of climate change.
MUNICH REINSURANCE COMPANY OF AUSTRALASIA LIMITED, INSURANCE AUSTRALIA GROUP LIMITED – ASX IAG, WESTPAC BANKING CORPORATION – ASX WBC, QBE INSURANCE GROUP LIMITED – ASX QBE, AUSTRALIA. PRODUCTIVITY COMMISSION, THE INSTITUTE OF ACTUARIES OF AUSTRALIA