The Australian and New Zealand insurance councils will co-ordinate advocacy efforts and share expertise under a formal arrangement aiming to improve regional resilience.

The peak bodies have signed a memorandum of understanding to establish the Resilient Insurance Markets Initiative, building on an informal trans-Tasman relationship as both countries face compounding and accelerating risks.

Insurance Council of Australia CEO Andrew Hall says the partnership formally aligns the industries in pushing for policy and investment solutions.

“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,” he said.

ICA and the Insurance Council of New Zealand will share insights on public-private risk reduction measures, co-ordinate advocacy to accelerate community resilience, and support aligned regulatory frameworks where it enhances productivity and consumer outcomes.

The initiative will be underpinned by regular bilateral engagement, joint policy co-ordination where relevant and knowledge sharing.

“New Zealand is a nation on the front line of rising disaster risk and investment in resilience has never been more critical,” ICNZ CEO Kris Faafoi said.

“Every dollar invested before a disaster can return $5 to $8 in avoided losses.”

The councils say 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.