This is an article from Insurance Magazine.

Our focus this month is on ‘going green’, climate change, and the impact on business and this article is a timely reminder about the impact the environment has on, not just your insurance, but your business.

With the impacts of climate change on Australia worsening every year, Prime Minister Anthony Albanese has ordered Andrew Shearer, Director-General of the Office of National Intelligence, to assess the “the implications for the national security of climate change.”

In a statement on Wednesday, June 23, the prime minister’s office reiterated the Albanese government’s aim to improve Australia’s reputation on climate action. However, the investigation’s scope and terms of reference are still under discussion, according to Bloomberg.

Meanwhile, a report by The Guardian Australia claimed that the government is considering establishing a permanent Office of Climate Threat Intelligence.

Since its election win in May, the Albanese government has attempted to repair Australia’s global reputation on climate change. On June 16, Prime Minister Albanese signed and submitted his government’s new climate action targets, including a 43% emission cut by 2030 to the United Nations, a significant jump from only 28% under the previous administration.

The insurance industry has also been focusing on addressing the impacts of climate change, especially after dealing with the costliest flood in Australian history, which occurred in southeast Queensland and New South Wales (NSW) in February/March 2022.

Early this year, the Insurance Council of Australia (ICA) called on the Australian government to make the country more resilient to extreme weather. During the aftermath of the devastating flood in Queensland and NSW, Sly Bros, a member of the Frame & Truss Manufacturers Association of Australia (FTMA), warned that the severe weather event’s ripple effects could spell the end for local communities if the government does not offer support.

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