IAG and other members of the Australian Business Roundtable for Disaster Resilience and Safer Communities (ABR) have offered to assist in implementing recommendations from the bushfire inquiry.

ABR, which was formed by IAG, Munich Re, the Australian Red Cross, Optus and Westpac, was set up to influence public policy over natural disasters which devastated Australian communities.

“Our members would welcome the opportunity to offer our expertise and insights to government to realise these recommendations,” IAG MD and CEO Nick Hawkins said.

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

Swiss Re says it was pleasing to observe themes aligning with its vision to make the world more resilient and help facilitate the role that (re)insurance plays in helping communities recover after disaster.

“To enable affordable insurance in an environment where catastrophe losses are steeply on the rise, and for a nation which is vulnerable to the impacts of climate change, it is even more vital to build our future resilience through a combination of mitigation, smart planning, and financial risk management,” Swiss Re says in a statement.

The business roundtable’s submission to the royal commission 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 royal commission recommendations are a significant step towards achieving this.”

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 governments, including reducing the cost of natural disasters by more than half.

“Greater investment in mitigation to reduce natural hazard impacts should continue to be a main priority for governments,” the ABR said.

It welcomed recommendations for the improved use of data and consistent data-sharing standards and platforms. It also applauded continued disaster education and a review of land use planning and building regulation.

It also pointed to recommendations for incorporating “build back better” within disaster recovery funding arrangements, and the creation of a national resilience and recovery entity.