The Insurance Council of Australia’s (ICA) Climate Change Action Committee is seeking tender responses by September 4 for a project to increase understanding of expected rising risks from “actions of the sea”.

The tender document says project objectives include developing an “insurance industry position statement regarding the current status of the issues associated with actions of the sea, and what that means with ongoing sea level rise”.

Data requirements and options for insurers and stakeholders, such as land-use planning agencies and engineering design standards committees, would be canvassed as part of the project, the document says.

Home insurance policies typically do not cover damage caused by actions of the sea, such as coastal erosion, king tides or storm surges.

“Climate change presents new challenges for insurers,” the document says. “[Whereas] assessing risks has been based on past experience, a changing climate requires a commensurate change in the way risks are identified and assessed for the future.

“There is a key role for insurers to articulate the risks presented by the impacts of climate change, and best inform and stimulate prudential decisions by business, community and governments.”

Case studies for consideration in the project could include erosion last month at Wamberal on the NSW Central Coast, which left homes in danger and caused residents to be evacuated.

ICA has also highlighted threatened properties at the northern Sydney suburbs of Narrabeen and Collaroy, where a 2016 low pressure system combined with a king tide to wash away beachfront.

An indicative timeline for the research suggests a draft report by the end of February and a final report by the end of April.

The tender document is available here.