7 September 2022
THIS REPORT IS MADE POSSIBLE WITH THE SUPPORT OF THE INSURANCE COUNCIL OF AUSTRALIA Acknowledgement of Country This report was written on the lands of the Darug and the Eora Nations. [...] to climate change and The Sendai Framework aims to achieve the extreme weather events substantial reduction of disaster risk and losses in lives, livelihoods, and health and in the economic, AR6 contains a chapter on Australasia, which physical, social, cultural, and environmental assets concludes that Australia is one of the most of persons, communities, and countries.16 To vulnerable developed c. [...] Much of the ebb and flow of resource reconstruction.30 To make sure that the states movements used to take place with very little in don’t shoulder the burden alone, under certain The Cost of Extreme Weather Building resilience in the face of disaster 15 circumstances, the Commonwealth has made 2. [...] Further, among those who were insured, on disaster recovery and resilience the average underinsurance of buildings was 28 (through the NDRRA) averaged per cent of the rebuilding value, and the average 61 per cent of insured costs in the underinsurance of contents was 48 per cent of 35 the replacement value.34 period between 2010-2022. [...] Assuming the proportions of insurance costs to Based on NDRRA guidelines and the trigger other direct costs are fixed in the period until mechanism worked into the funding framework, 2050, and the trend observed in the 2005-2022 state and territory governments must pay period continues, the time-path of direct costs is between 25-50 per cent of the disaster-related projected in Figure 5.