28 January 2015
Insurance Council welcomes NT flood mitigation announcement
Northern Territory Chief Minister Adam Giles’ announcement today of draft Terms of Reference and membership of the Darwin and Katherine Regional Flood Mitigation committees is a significant step towards improving flood protection for vulnerable NT communities.
Insurance Council of Australia (ICA) CEO Rob Whelan said the NT’s $50 million allocation towards flood mitigation was one of the most significant commitments made by any jurisdiction of comparable size in recent years.
He said insurers were ready to help the Government achieve its mitigation goals with advice on the measures that may deliver the best outcomes in terms of lower premiums.
“The ICA and its members look forward to working with the committees and the NT Government, and contributing to discussions on how mitigation funds can be most effectively directed,” Mr Whelan said.
“Flood mitigation is a long-term investment in protecting vulnerable communities. Though costly, permanent and well-planned mitigation benefits flood-prone communities for generations, repaying the initial investment many times over and reducing the amount of taxpayer money that needs to be spent on disaster recovery.
“The insurance sector plays its part too, through reassessing premiums for affected households and businesses to take into account the effectiveness of mitigation works in lowering the flood risk.”
The ICA expects to hold further discussions with the Government about its involvement in the committees.