Monday, December 9, 2013

A G20 agenda item

There has been recent noise and threats of action on insurance costs in North Queensland. There was a ten point plan, which looks more like a three and a half point plan on closer analysis, from our local state pollys.  Thence followed a Joint Statement from Campbell Newman and Assistant Fed Treasurer Sinodinos.

Missing from any mention is this recent suggestion at The Conversation: Why disaster insurance should be on the G20 agenda
"Australia has an unprecedented opportunity to resolve issues of escalating insurance prices caused by an uncertain climate. The time has come to curb the trend towards increased economic exposure to natural catastrophes.
The recent change of government, the upcoming Australian G20 in Brisbane in 2014, the establishment of the Bushfire and Natural Hazards Research Centre and international support from APEC finance ministers all point towards support for research and action for disaster risk financing." 
"The Australian Treasury has positioned macroeconomic policy as a key discussion area for the Australian G20. Given the economic and social impact of natural disasters across Australia recently, it would be logical to incorporate disaster risk financing into such discussions."
With this years G20 finance ministers meeting to be held in Cairns this would seem to be a rather appropriate item for inclusion on the agenda. Who knows it may even provide a relevant point of much touted international focus?

Note: I have sent Arthur an email with the suggestion and await his reply.

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