IAG and Munich Re have joined other Australian businesses in a group to examine the social and economic costs of natural disasters, and how they can be cut by making communities safer and more resilient.

Investa Property Group, Optus, the Australian Red Cross and Westpac Group complete the Australian Business Roundtable for Disaster Resilience and Safer Communities.

The members have commissioned Deloitte Access Economics to produce a white paper that will identify opportunities for governments to work with businesses, non-profit groups and community leaders in resilience-building; model the economics of mitigation versus recovery spend; and educate the community about risks, particularly extreme weather.

The report and recommendations will be released in the first half of this year after consultation with businesses, communities, governments and politicians.