IAG has co-convened the Australian Climate Group (ACG) to work for change in the country’s approach to global warming. Weather has always played a big part in insurance rates in Australia, and IAG says it wants to have a more hands-on role in dealing with weather patterns.

IAG and WWF Australia (formerly known as World Wildlife Fund) are calling on the Government to cut Australia’s greenhouse gas emissions by 60% by 2050. They also want to see the introduction of an emissions trading scheme by 2007.

Actuary and IAG Chief Risk Officer Tony Coleman has been chosen as the insurer’s ACG representative. He says climate change is also an opportunity for Australians to make a difference. “If we can move now we can seize new business and employment opportunities in the emerging global economy that is growing in response to climate change.

“City water catchments are drying up,” he said. “Drought and bushfires have been more severe, and most of all, the frequency and severity of storms and cyclone have increased.”