IAG calls for flood pool
IAG has called for the establishment of a flood compensation pool to combat the rising cost of climate change.
In last week’s submission to the Garnault Climate Change Review, the insurer floated a “user pays” system whereby owners of low-lying coastal land pay a regular levy into a pool from which they can draw compensation if the land is rendered permanently unusable through erosion.
IAG says the coastal land value insurance scheme should be operated and funded either by government alone, or via a public-private partnership.
The insurer also called for an end to inappropriate residential or commercial development in flood plains or coastal areas “of extreme vulnerability”.
In a wide-ranging submission, IAG supported a binding emission reduction target for 2020 of 20% of 1990 levels, explored the benefits of pay-as-you-drive road pricing and called for improved building standards.
Professor Ross Garnault is set to hand down his draft findings by June 30, with the final report due at the end of September.
In last week’s submission to the Garnault Climate Change Review, the insurer floated a “user pays” system whereby owners of low-lying coastal land pay a regular levy into a pool from which they can draw compensation if the land is rendered permanently unusable through erosion.
IAG says the coastal land value insurance scheme should be operated and funded either by government alone, or via a public-private partnership.
The insurer also called for an end to inappropriate residential or commercial development in flood plains or coastal areas “of extreme vulnerability”.
In a wide-ranging submission, IAG supported a binding emission reduction target for 2020 of 20% of 1990 levels, explored the benefits of pay-as-you-drive road pricing and called for improved building standards.
Professor Ross Garnault is set to hand down his draft findings by June 30, with the final report due at the end of September.