ICA Calls for Investment in Hard Mitigation Infrastructure Amid Disaster Fund Applications
Enhancing Community Resilience Through Strategic Construction Projects
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The Insurance Council of Australia (ICA) is advocating for a strategic focus on hard mitigation infrastructure as the federal government's Disaster Ready Fund opens its fourth round of applications.
With up to $142.5 million available, the ICA emphasises the importance of investing in physical projects that directly reduce disaster risks.
Hard mitigation infrastructure includes:
Levees: Structures designed to prevent flooding in vulnerable areas.
Flood Barriers: Installations that protect communities from rising water levels.
Other Physical Projects: Initiatives aimed at fortifying communities against natural disasters.
By prioritising these projects, the ICA aims to address the protection gap and enhance community resilience. The council has long advocated for the Disaster Ready Fund to be a rolling, ongoing program, providing the certainty governments and communities need to plan and deliver mitigation infrastructure at scale.
Construction businesses have a pivotal role in this initiative. Engaging in hard mitigation projects not only contributes to community safety but also opens avenues for new contracts and partnerships. Moreover, such projects can influence insurance premiums by reducing the risk profile of insured properties.
As applications are submitted, collaboration between construction firms, insurers, and government agencies will be essential. By working together, stakeholders can ensure that investments are directed towards projects with the most significant impact on disaster resilience.
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