The Insurance Council of Australia (ICA) and the Insurance Council of New Zealand (ICNZ) have signed a Memorandum of Understanding to establish the Resilient Insurance Markets Initiative, a formal partnership to coordinate advocacy, share expertise, and build more resilient communities across the region.
The agreement formalises what has been an informal trans-Tasman relationship into a structured, bilateral commitment at a time when the two countries face compounding and accelerating risks.
Climate volatility, cyber threats, geopolitical instability, supply chain disruption, and the rapid advance of artificial intelligence are reshaping the risk environment for households, businesses, and governments in both countries.
Australia and New Zealand share geography, history, and risk. Both countries shoulder among the highest per capita losses from natural disasters in the world, and those costs are rising.
Under the Resilient Insurance Markets Initiative, the ICA and ICNZ will focus on three priorities:
- Sharing insights on public-private risk reduction measures;
- Coordinating advocacy to accelerate community resilience outcomes; and
- Supporting the alignment of regulatory frameworks across jurisdictions where it enhances productivity and consumer outcomes.
The initiative will be supported by regular bilateral engagement, joint policy coordination where relevant, and ongoing knowledge sharing between the two organisations.
Insurance is one of the most effective mechanisms societies have for absorbing shocks, restoring economic activity after disasters, and pricing risk in ways that drive better decisions.
This partnership ensures the two countries’ peak bodies are working together, not in parallel, as they make the case for reform.
The Memorandum of Understanding is available here.
Andrew Hall, CEO, Insurance Council of Australia:
The disasters battering our region are not slowing down, and the pressure on households and businesses is only growing.
Extreme weather is no longer just a community issue, it is a fiscal one, and governments across Australia and New Zealand are confronting the same mounting costs to their budgets, their infrastructure, and their economies.
This partnership means our two industries are now formally aligned in pushing for the policy and investment solutions that reduce risk, protect communities, and keep insurance working for the people who need it most.
Kris Faafoi, CEO, Insurance Council of New Zealand:
New Zealand is a nation on the front line of rising disaster risk and investment in resilience has never been more critical.
Every dollar invested before a disaster can return $5 to $8 in avoided losses.
Together our nations can work across the Tasman to share insights, coordinate on advocacy and better target and uplift these investments to build a more resilient region.
