Global risk and reinsurance specialist Guy Carpenter & Co yesterday launched an Asia-Pacific catastrophe advisory group, which will be lead by its Australia and NZ property treaty broking team leader Jeremy Waite.
The move follows PM Scott Morrison’s announcement on Wednesday (May 5) the Federal government would invest $600m in a new program of disaster preparation and mitigation, managed by the new National Recovery and Resilience Agency (NRRA).
The Insurance Council of Australia has welcomed the government initiative. It said NRRA would “bring a national focus to building infrastructure, homes and communities that can better withstand the bush fires, storms, floods and cyclones that are unfortunately a part of Australian life”.
ICA CEO Andrew Hall said insurers had been calling “for some time for this scale of investment”. The industry was pleased to see the Morrison govt had heard the calls with this action. “We look forward to seeing the details of these projects in the Federal Budget next week,” Hall said.
A 2015 Productivity Commission report on Australia’s natural disaster funding arrangements found the government’s funding arrangements were heavily weighted towards disaster recovery, which reduced the economic incentive for state, territory and local governments to mitigate disaster risk. The report recommended Australian government mitigation funding to states should increase to $200m a year and be matched by the states.
Guy Carpenter said in a statement the Asia-Pacific catastrophe advisory group would offer clients direct access to Guy Carpenter’s extensive catastrophe expertise and capabilities, including in-house analytics experts, scientific partners and public-sector specialists.
Working with companies across the Asia Pacific, the team aimed to develop “innovative solutions” and provide access to new sources of capital to manage catastrophe exposures and help tackle the growing impact of climate change.
Guy Carpenter said Waite would be responsible for overseeing the catastrophe advisory group’s activities in addition to his present role.
Commenting on the launch, Guy Carpenter Asia-Pacific CEO Tony Gallagher said the new Asia-Pacific catastrophe advisory group would provide “the depth and breadth of expertise needed” to help clients become more resilient against the changing nature of risks.