Media release

From: Australian Science Media Centre

BACKGROUND BRIEFING: Tuesday 23 February 2016 at 10:30 AEDT ONLINE

Australians are used to natural disasters - every year floods, storms and bushfires create havoc for individuals and communities, costing the country billions of dollars. With increased levels of awareness, more advanced warning systems, and rapid response capabilities, we are saving more lives. And yet, costs are increasing. Natural hazards cost Australia more than six billion dollars each year and this figure is predicted to more than triple in the next 30 years.

To make matters worse, a large number of Australians under insure their homes and property, with a gap of more than one billion dollars in uninsured losses annually. This doesn’t take into account the hidden costs that come with psychological trauma, social upheaval and the disruption of businesses and community services. How can we ‘do’ disaster better?

The briefing brings together four leading experts to discuss:

• What are the hidden social and economic costs of disaster?
• Why are costs increasing  and who should pay?
• How can we be better prepared both psychologically and financially?
• Are we becoming more vulnerable to natural catastrophes?
• Are there vulnerable hotspots around the country where we just shouldn’t live?

Speakers:

• Dr Martine Woolf leads a program in natural hazard risk modelling at Geoscience Australia. Martine will discuss what drives natural hazard impacts, and how we can identify options to reduce those impacts in future.
• David Sinai is Head of Property Treaty Underwriting at Swiss Re Australia and New Zealand. David will provide an overview of the problem at hand, and the role that re/insurers, the industry and other stakeholders play in mitigating against such risks and building resilient communities.
• Associate Professor Paul Raschky is a researcher within the Department of Economics in the Monash Business School at Monash University. His research interests include insurance and environmental economics following natural disasters.
• Dr Jessica Tearne is a senior researcher in clinical psychology at the Telethon Kids Institute. Her research interests include mental health following traumatic events.