Recommendations from the bushfire royal commission are a significant step towards achieving vital investment in mitigation to protect communities, IAG MD and CEO Nick Hawkins says.

He was commenting as a member of the Australian Business Roundtable for Disaster Resilience and Safer Communities (ABR), which is made up of IAG, Munich Re, Australian Red Cross, Optus and Westpac.

ABR was formed in 2012 to influence public policy following a series of natural disasters which devastated Australian communities.

The final report of the Royal Commission into National Natural Disaster Arrangements was tabled in Parliament last week. It made 80 recommendations, many for resilience, mitigation and disaster planning, and was commended by insurers.

“Our members would welcome the opportunity to offer our expertise and insights to government to realise these recommendations,” Mr Hawkins said today.

“Natural disasters leave deep, emotional, physical and financial impacts on communities for many years. Our members have unfortunately seen the impact of many natural disasters first-hand over the last few decades, which has driven us to work collaboratively to make communities more resilient and people safer,” Mr Hawkins said.

Natural disaster costs are forecast to reach $39 billion annually by 2050, according to the ABR-commissioned white paper Resilience in our States and Territories. That paper revealed a greater investment in resilience and mitigation would deliver a ‘double dividend’ in the form of budget savings for government, including reducing the cost of natural disasters by more than half, as well as added social benefits.

The ABR provided a submission to the royal commission highlighting the importance of government investment in mitigation ahead of severe weather events.

“The ABR is pleased that the final report incorporates a number of recommendations that relate to those outlined in its submission,” an ABR statement says. “Greater investment in mitigation to reduce natural hazard impacts should continue to be a main priority for governments.”

The ABR welcomed recommendations that the use of data be improved and consistent data sharing standards and platforms be developed. It also applauded continued disaster education and a review of land use planning and building regulation.

It pointed to recommendations for incorporating ‘build back better’ within Disaster Recovery Funding arrangements and funding resilience measures, and the creation of a national resilience and recovery entity focused on long-term disaster risk reduction.

The ABR’s submission to the royal commission had emphasised the need for cross-sector collaboration to improve data sharing and inform decision-making around mitigation projects and land management and planning.

“The ABR … has outlined the benefits of greater investment in mitigation to protect communities. The ABR believes the royal commission recommendations are a significant step towards achieving this,” it says.

Members of the roundtable champion the need for a sustainable, coordinated national approach to make communities more resilient and believe that national investment in disaster resilience and preventative activities is the most effective way to reduce the impact of disasters.