ESG & Investing
Insurers Urge Australia to Launch $21 Billion Flood Defense Fund
Emergency workers patrol a flooded area as they evacuate residents in the Melbourne suburb of Maribyrnong, in 2022.
Photographer: William West/AFP/Getty Images
Insurers in Australia are urging legislators to set up a A$30 billion ($21.4 billion) flood defense fund as the nation grapples with surging costs from extreme weather events.
Funding would be used on tasks including the addition of more flood-protection infrastructure like dams or levees, and also for a A$10 billion property buyback program targeting the estimated 10,000 dwellings in areas where it isn’t possible to mitigate flood risks, the Insurance Council of Australia said Sunday in a statement.