Suncorp and Natural Hazards Research Australia say there is “growing urgency” to incorporate nature-positive solutions such as floodplain restoration and reef protection into disaster mitigation efforts.  

They have published a joint report following a roundtable discussion with more than 50 industry, research and government experts in September that acknowledged the importance of the environment in reducing natural hazard impacts.  

Actionable ideas include guidelines to encourage nature-positive investments and decision-making, and government funding for private sector initiatives that incorporate nature-based solutions. The report calls for pilot studies to build confidence in further projects.

The paper also highlights the insurance industry’s role, noting projects by Swiss Re and Aon.  

Suncorp consumer insurance CEO Lisa Harrison says the report aims to “engage key policymakers to make sure we are considering as many options as we can to lower risk, and impact, of extreme weather. To be successful, nature-positive disaster risk reduction solutions require partnerships between government, business, non-profits, science and the community.  

“Utilising natural-based solutions, like wetlands to help reduce flooding, we can build resilience for communities, create stronger natural defences and promote nature’s role in risk mitigation.”  

Natural Hazards Research Australia science and innovation director Cheryl Desha says studies can help deliver meaningful action.  

“Nature is incredibly resilient and offers us many opportunities – there are solutions out there that will help, and there are options to develop pilot studies that further show how effective nature-positive disaster risk reduction solutions can be.  

“By working with our natural environment, we can learn to better live with what nature throws at us.”  

In October, the Insurance Council of Australia called for the industry to take on more nature-positive insurance as part of long-term climate resilience.