AUSTRALIA LAUNCHES A$600M NATURAL DISASTER AGENCY

The Australian government is to establish a new national agency to respond to large-scale natural disasters and manage the impact of future events, including climate change. The National Recovery and Resilience Agency (NRRA) will oversee a A$600m fund to be invested in a program of disaster preparation and mitigation. It will also bring together the former National Drought and North Queensland Flood Response and Recovery Agency and the National Bushfire Recovery Agency, including the A$2bn National Bushfire Recovery Fund. The Insurance Council of Australia (ICA) welcomed the announcement, saying the NRRA would help create a stronger and more disaster-resilient community. Earlier this week the federal government said it will establish an A$10bn cyclone reinsurance pool for Northern Australia.