Inquiry into natural disaster funding

Federal treasurer Joe Hockey has announced a Productivity Commission inquiry into natural disaster funding.

Hockey said: “The inquiry should take into account the priority of effective mitigation to reduce the impact of disasters on communities”.

It will consider risk management measures available to asset-owners and options to achieve an effective and sustainable balance of natural disaster recovery and mitigation expenditure, according to the terms of reference released this week.

The insurance industry has welcomed the terms of reference and regards the announcement as a positive step forward.

Guardian’s managing director, Evan Jackson said that he is pleased that the Inquiry will be looking at how to achieve a better balance between investment in disaster mitigation and funds spent on disaster recovery. He said the general insurance industry is a strong advocate for strategies to lower the impact of extreme weather on vulnerable communities.

 

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