While there is general acceptance that the Australian private insurance market has been able to meet the challenges posed by natural disasters over the years, recent events have highlighted the deficiencies in the existing market, prompting calls for a National Natural Disaster Insurance Program.
The Australian Centre for Financial Studies recently commissioned Prof Andrew Worthington of Griffith University to prepare the report 'Natural Disasters and National Natural Disaster Insurance: An Australian Perspective' with the aim of providing an extensive review of Australia’s current activities in response to natural disasters.
In the report Prof Worthington states that there is a "very specific role for government, mostly as a reinsurer".
The full report is available via the Australian Centre for Financial Studies' Research Database which can be accessed here.