Cost-effective public works and intelligent land planning can mitigate climate-related risks facing coastal Australia, according to a Swiss Re expert.

David Bresch, Swiss Re’s global Head of Sustainability & Emerging Risk Management, was in Sydney last week to discuss an influential climate report by Swiss Re and its research partners.

He told insuranceNEWS.com.au that coastal Queensland faces similar risks to south Florida, which was the focus of one of the report’s case studies. The report says coastal communities can undertake a number of cost-effective measures that together can mitigate the risk of land erosion and flood.

They include beach nourishment where beaches are extended into the sea, the imposition of strict building codes and tree management measures, water intrusion barriers and risk transfer schemes.

The study found adaptation measures could prevent 40% to 68% of expected global losses between now and 2030.

“You need risk-conscious development,” Mr Bresch said. “That basically means new buildings must be up to standard, including elevation to at least avoid freak flooding.”

As reported by insuranceNEWS.com.au in September, the Swiss Re report, Economics of Climate Adaptation, found climate risks could cost some countries up to 19% of their GDP by 2030.

The report aims to provide a framework for government and private sector decision-makers on planning for climate risk given the uncertain global outlook.