Insurance Australia : IAG welcomes nearly $400 million in funding for disaster preparedness
June 07, 2023 at 03:06 am EDT
Share
IAG today welcomed the Federal Government's announcement of nearly $400 million in funding for key disaster preparedness projects that will help to protect people and communities from the impacts of severe weather and natural disasters.
The funding for 187 projects includes the first allocation from the Government's annual $200 million Disaster Ready Fund, with the funding for the majority of successful projects matched by state, territory, local government or delivery partners.
The projects to receive funding include infrastructure and risk reduction initiatives such as flood levees, seawalls, cyclone shelters and hazard warning systems.
IAG Managing Director and CEO Nick Hawkins welcomed the funding for the mitigation initiatives which will protect lives and property.
"For more than a decade we've highlighted the importance of greater investment in mitigation initiatives to help protect communities before disasters strike, and the Government's Disaster Ready Fund, and financial support provided by all levels of government for these projects will help achieve this," Mr Hawkins said.
Protecting people and communities most vulnerable to severe weather events, which are becoming more frequent and severe due to the impacts of climate change, must be a priority for the nation and today's announcement is an important step forward.
Nick Hawkins
IAG Managing Director and CEO
"Investment in mitigation initiatives not only protects lives, property, businesses and critical infrastructure, it helps to reduce the financial, physical and social costs of recovering from severe weather and disasters."
IAG will continue to work with the Federal Government's Hazards Insurance Partnership (HIP) to identify opportunities for disaster risk reduction to improve insurance affordability and availability, and all levels of government across the country on disaster preparedness and mitigation.
IAG - Insurance Australia Group Limited published this content on 07 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 June 2023 07:05:04 UTC.
Insurance Australia Group Limited is a general insurance company in Australia and New Zealand. The Company is engaged in underwriting of general insurance risks and investment management. Its segments include Direct Insurance Australia, Intermediated Insurance Australia and New Zealand. Direct Insurance Australia provides personal lines, and some commercial lines, general insurance products sold directly to customers primarily under the NRMA Insurance brand, SGIO and SGIC brands, the RACV brand in Victoria (via a distribution relationship and underwriting joint venture with RACV), as well as the CGU Insurance and ROLLiNâ Insurance brands. Intermediated Insurance Australia segment provides commercial lines, and some personal lines, general insurance products sold to customers through intermediaries primarily under the CGU Insurance and WFI brands, as well as the Coles Insurance brand via a distribution agreement with Coles. New Zealand segment includes NZI and Lumley Insurance brands.