The fresh approach to Rural Insurance - Rural Affinity

The Australian Business Roundtable for Disaster Resilience and Safer Communities was formed in December 2012 by the Chief Executive Officers of Munich Re, Australian Red Cross, Insurance Australia Group, Investa Property Group, Optus and Westpac Group. The Roundtable was formed following an unprecedented number of natural disasters in recent years.  Deloitte Access Economics prepared a paper to determine how Australia’s vulnerability to disasters could be reduced.

The economic cost of natural disasters in Australia is estimated to be approximately $12 billion and is expected to double by 2003 rising to $23 billion per year by 2050. Each year an estimated $560 million is spent on post-disaster relief and recovery by the Australian Government compared with an estimated consistent annual expenditure of $50 million on pre-disaster resilience.

To read the Deloitte Access Economics’ paper – Building our nation’s resilience to natural disasters  – click here