Flood mitigation funding from the insurance industry and what this means in climate risk reporting

As highlighted in Insurance Business Australia, the insurance industry has welcomed the Federal Government’s announcement of additional funding to protect communities from flooding. The Minister for Emergency Management and National Recovery and Resilience, Senator the Hon Bridget McKenzie, announced $50 million in government funding for national flood mitigation infrastructure, boosting the fund to $100 million.

“Minister McKenzie’s announcement of this extra funding is an important step in protecting Australians homes and businesses, increasing the physical and financial resilience of property and business owners in flood-exposed communities,” Hall said.

Why is this extra funding an important step in climate risk mitigation?

Increased funding for public and private mitigation projects means you are investing in:

• Protecting communities and the most vulnerable places in Australia.
• Avoid damages to infrastructure.
• Improve its data collection to build a comprehensive picture of the scale of the problem.

EWN Climate Risk Disclosure Services

Early Warning Network Pty Ltd (EWN) specialises in the mapping and spatial analysis of climate risk data, specifically, all natural hazards and weather-related events (storms, floods, hail, etc) that have impacted or were warned to impact Australian locations to date.

Australia's climate and the associated risk is changing for businesses.  EWN's climate risk support platform provides a way for businesses to:

• identify potential hazards,
• quantify the future risk and
• compare to what that risk was in the past.

Analysis is available on a wide variety of hazards and severities ensuring your climate risk disclosure report covers all aspects of your physical risk .

Learn More about Climate Risk

Contact us for a demo on how we can support your business

You can read the full article here.