Justin Delaney

Zurich Financial Services Australia (Zurich) has released Australia’s first comprehensive Resilience Index, revealing more than one in five Australians face significant vulnerability, driven predominantly by financial insecurity.

The Australian Resilience Index – developed by Zurich in collaboration with Mandala Partners, the RedBridge Group and Accent Research – utilises two million proprietary and public data points and represents the first comprehensive, quantitative assessment of resilience across Financial, Health, Social and Environmental parameters at a local community level^[1].

Resilience, or the ability of people and communities to withstand and recover from shocks, is measured and aggregated across four dimensions:

• Financial Resilience, including savings, insurance coverage and superannuation balances;
• Health Resilience, including physical & mental health conditions, access to care and lifestyle factors;
• Social Resilience, such as crime rates, community participation and belonging; and
• Environmental Resilience, including planning, infrastructure and service availability.

Overall resilience was found to be most correlated with financial wellbeing, over social, health or environmental factors. Within individual measures, insurance coverage was identified as a key driver of overall resilience, with communities registering insurance penetration of 50 per cent or more being five times more likely to have higher financial resilience and four times more likely to have higher health resilience.

Of the nearly 2,500 local areas analysed, Cottesloe in Western Australia (WA) was identified as the nation’s most resilient, driven by the highest average dividend income rate in the country (16 times the national average), seven times higher average superannuation balances, double the insurance penetration, a third of the long-term health conditions, half the smoking rate and double the level of community volunteering.

Of the ten least resilient areas in the nation, half are located in the Northern Territory (NT), including the Tiwi Islands which scored lowest overall. Residents in this area are over 80 times more likely to live in crowded housing, experience five times the national rate of crime, have access to zero hospitals within 15 kilometres, and are more likely to experience weakened social belonging than any other local area.

Middle-aged males (35-49) are Australia’s most resilient demographic group, driven by high income levels (81 per cent earning above the median, versus 60 per cent of females the same age), higher superannuation balances & dividend incomes, and far lower rates of primary caregiving. This is despite poorer health resilience, driven by obesity, smoking and alcohol consumption, and lower social resilience, due to weakened belonging and “feeling like a stranger in their own country”.

Financial resilience

• Cottesloe (WA) is the most financially resilient community in the country, while the Torres Strait Islands in Queensland (QLD) is the least.
• Across jurisdictions, the Australian Capital Territory (ACT) has the highest and QLD the lowest levels of financial resilience.
• Across all communities, financial resilience rises sharply with age and is substantially stronger among men.

Health resilience

• Toorak in Victoria (VIC) has the highest health resilience in the country, while Bridgewater-Gagebrook in Tasmania (TAS) has the lowest.
• Across jurisdictions, New South Wales (NSW) has the highest and TAS the lowest levels of health resilience.
• Younger people (15–34) exhibit the highest health resilience, driven by substantially lower rates of obesity, long-term health conditions, smoking and care requirements. This is despite markedly higher rates of mental health conditions.
• Women are healthier on average than men, who are almost three times more likely to report unhealthy alcohol consumption, 50 per cent more likely to smoke, and 24 per cent more likely to be overweight or obese.

Social resilience

• City Beach (WA) has the highest levels of social resilience in the country, while Thamarrurr (NT) has the lowest.
• Across jurisdictions, the ACT has the highest and the NT has the lowest levels of social resilience.
• Social resilience is lowest among younger people (15–34), driven by half the rate of partnered relationships, lower rates of community participation, and an 83 per cent increased likelihood of experiencing household crime.
• Across the board, women are less socially resilient than males, including being four times more likely to be a single parent, 30 per cent more likely to feel uncomfortable expressing political views and 27 per cent more likely to report victimisation.

Environmental resilience

• Surry Hills (NSW) has the highest levels of environmental resilience in the country, while the Tiwi Islands (NT) has the lowest.
• Across jurisdictions, VIC has the highest and the NT the lowest levels of environmental resilience.
• Males and people aged over 34 are far more likely to have higher environmental resilience than other cohorts, driven by higher home ownership rates, living in areas with stronger economic & infrastructure investment and increased access to services.

Justin Delaney, Chief Executive Officer, Zurich said: “Insurance sits at the intersection of these four dimensions of resilience. It protects financial stability when shocks occur, supports health & wellbeing through prevention and recovery services, and relies on – and contributes to – social cohesion and environmental preparedness by pooling risks and supporting communities.”

“As Australia’s only major composite insurer, Zurich has a responsibility to use our data and insights broadly and systemically – to better understand the pressures facing our customers and the community to continue to evolve our propositions around prevention, early intervention and long-term protection.”

“We believe this Index can provide a unique and valuable perspective on a range of critical policy conversations and ways to target and prioritise public & private investments. More broadly, it highlights our increasing ability to understand both the prevailing risk and resilience environment and the benefits and return that accrues to early and proactive intervention at both a community and individual level,” Mr Delaney said.

Adam Triggs, Partner, Mandala said: “Australians face multidimensional risks – financial, economic, environmental, technological, social, geopolitical and health – and these risks are more correlated than ever before. The focus on resilience given the breadth, depth and unpredictability of these risks has never been more important.”

“Luckily, modern datasets and new data science techniques allow us to measure resilience at a granular level with significant clarity. This is what we do at Mandala, and we’re excited to use this Index to help governments, businesses and households to measure and improve their own resilience and better target support.”

“Which communities will be impacted most by interest rate rises? Which communities will bear the burden of chronic health conditions? How will technology changes impact different communities? Why are some communities turning to political extremes? Which communities are most at risk in the upcoming bushfire season? For the first time, this index lets us answer these questions and many more,” Mr Triggs said.

Kos Samaras, Director, Strategy & Analytics, the RedBridge Group said: “We tested this at the Secret Harbour by-election in Western Australia. The suburbs scoring lowest on financial and health resilience told us what was coming before a single vote was counted.”

“This index shows us where Australians have run out of buffer. When savings, insurance and super are thin, every shock lands harder, whether it’s a rate rise, a health scare, losing a job or a natural catastrophe. Those communities don’t just feel it in their bank balance, they demonstrate it in their trust in institutions and in how they vote. For governments and businesses trying to understand where the country is heading, the Resilience Index is now one of the most important lenses we have,” Mr Samaras said.

More about the Australian Resilience Index.

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Justin Delaney

Zurich Financial Services Australia Limited (Zurich) has announced the completion of its acquisition of ClearView Wealth Limited (ClearView) via a members’ scheme of arrangement.

ClearView shareholders will receive cash consideration of A$0.60 per share, equating to aggregate cash consideration of approximately A$385 million.

The acquisition follows approvals received from the Australian Competition and Consumer Commission (ACCC), the Australian Prudential Regulation Authority (APRA), ClearView shareholders and the Supreme Court of New South Wales.

ClearView is an ASX-listed entity and a parent company of ClearView Life Assurance Limited, an Australian life insurer committed to partnering with financial advisers to help Australians and their families achieve peace of mind about their future. As at 31 December 2025, ClearView reported A$436 million in in-force premiums.

Justin Delaney, Chief Executive Officer at Zurich said: “This transaction marks the creation of one of Australia’s largest and fastest-growing life insurers at a time when advice-led protection, prevention and financial security has never been more important.”

“By bringing together Zurich’s leading technology capability and balance sheet strength with ClearView’s established and well-regarded products and market relationships, advisers and customers will benefit from continuity of choice under the efficiency of a single, best-in-class platform,” Mr Delaney said.

Tim Kane, Head of Retail at Zurich said: “This is an exciting moment which combines exceptional team capability and culture across two organisations which have a long history of delivering strong outcomes for Australian customers and advisers.”

“Zurich will retain ClearView’s ClearChoice product, which will remain open to new customers alongside our existing Zurich and OnePath Life offerings.”

“Across all three propositions, we will continue our significant investment in leading technology and people to ensure we are meeting the evolving needs of customers and advisers and delivering the outstanding service we are known for,” Mr Kane said.

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Alexis George

Zurich Financial Services Australia (Zurich) has announced the appointment of Alexis George as Independent Non-Executive Director to its Board.

Ms George has more than 30 years’ experience in financial services, including most recently as Chief Executive Officer of AMP. Prior to this, she held several senior leadership positions at ANZ, including Deputy Chief Executive Officer, Group Executive of Wealth Australia, and Global Managing Director of Insurance for ANZ Wealth.

The appointment follows the resignation of former Independent Non‑Executive Director, John Mulcahy, who has served since 2017 and brought significant industry experience to the role, including previously as Chief Executive Officer at Suncorp.

Geoff Summerhayes, Chair of Zurich said: “I’m delighted to welcome Alexis to Zurich’s Board. She brings exceptional depth and breadth of experience to the role and her insights will be invaluable as the organisation continues to grow and evolve across Australia and New Zealand. On behalf of the Board, I also want to sincerely thank John for his contribution to Zurich for close to a decade.”

Ms George has also previously held executive roles at ING Group, including Regional Head of Operations, Information Technology, Marketing and Product for Asia Pacific, Chief Executive Officer of Insurance & Direct Banking for the Czech and Slovak Republics, and Executive Director for Australia.

Justin Delaney, Chief Executive Officer of Zurich said: “Alexis has led large organisations through significant change. She is purpose-led with a clear focus on improving customer outcomes and strengthening internal culture. Alexis will be an important addition to Zurich’s Board as we continue to scale the business.”

Ms George said: “I am very pleased to be joining Zurich at such an important time. The business is growing rapidly and occupies a unique position as Australia’s only major composite insurer – offering both life and general insurance products. Zurich is making considered investments in a number of core capabilities, including technology, partnerships and its people. I look forward to contributing to that journey.”

Ms George commenced on Zurich’s Board and the Boards of its Life Insurance and General Insurance entities on 10 August 2026. She joins existing Non‑Executive Directors: Geoff Summerhayes; Noel Condon; Matthew Reilly; Nicolette Rubinsztein; and Mary Waldron.

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Justin Delaney

Zurich Financial Services Australia (Zurich) has hosted its fourth bi-annual Mental Health Roundtable, attended by key clinical and civil society representatives to discuss trends surrounding mental health diagnosis, treatment and resilience, including the evolving role of life insurance. 

Attendees were presented with new Zurich analysis which quantifies the projected rise and impact of mental health conditions in six countries, including Australia, by 2030.

An in-depth discussion was then facilitated to explore principles and ideas for the reform of disability insurance products, with a view to specifically address current design limitations and unintended consequences for those with mental health conditions.

Justin Delaney, Chief Executive Officer, Zurich said: “After the government, life insurance is the largest financial safety net for Australians with mental health conditions. Our data shows that prevalence is rising, which is putting significant pressure on individuals and their quality of life, informal and formal support networks, and the broader economy.”

“Disability insurance products are an important part of this financial safety net, however, the suitability of these products for people with mental health conditions has become increasingly challenging.”

“As we seek to innovate these products, we recognise the importance of doing so collaboratively. Our recent Roundtable was a great opportunity to collectively explore product re-design possibilities, and understand how any proposed changes could integrate with, or impact, other parts of the mental health ecosystem,” Mr Delaney said. 

Jennifer Keyes, Head of Product Innovation and Mental Fitness Impact, Gotcha4Life said: “Discussions like these are important because they help ensure the needs of people experiencing mental health challenges remain at the centre of any service design or decision-making, and that those decisions are informed by expertise and perspectives from across the mental health ecosystem.”

Michael Marthick, Director of Insurance, Spectrum.Life ANZ said: “Disability insurance has a unique reach into the lives of Australians experiencing mental health conditions. Used well, that’s a platform for genuine support – not just financial protection. Roundtables like this are how we move from good intentions to practical reform.”

Catherine Day, Advisor, It Pays to Care said: “Thank you to Zurich for opening up an important discussion about mental health challenges in Australia through the Roundtable discussion. It provided a valuable opportunity for a diverse group of people to challenge the status quo, share perspectives, and explore new approaches.”

Since its last Mental Health Roundtable in November 2025, Zurich has:

• Introduced a new social support rehab program for claimants who are vulnerable or have a mental health condition;
• Commenced a pilot using a leading mental health telemedicine provider to improve efficiency and specialist access for claimants requiring a psychiatric opinion; and
• Committed to a chronic pain management program pilot which addresses mental health as a pain modifier.

The fourth Zurich Mental Health Roundtable, held in May 2026, was attended by representatives from the Royal Australian and New Zealand College of Psychiatrists, Lifeline Australia, SANE Australia, Gotcha4Life, This Way Up, Bupa, Spectrum.Life and It Pays to Care.

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Justin Delaney

Zurich Financial Services Australia (Zurich) has announced that it has entered into an agreement to acquire ClearView Wealth Limited (ClearView) via a scheme of arrangement.

The proposed acquisition has received the unanimous recommendation of ClearView Directors[1]. If the transaction is implemented, ClearView shareholders will receive cash consideration of A$0.65 per share[2], representing an equity value for ClearView of approximately A$415 million.

ClearView, an ASX-listed entity, is the parent company of Clearview Life Assurance Limited, an Australian life insurer committed to partnering with financial advisers to help Australians and their families achieve peace of mind about their future. As at 30 June 2025, the ClearView group reported A$413 million of in-force premiums.

Justin Delaney, Chief Executive Officer, Zurich Australia & New Zealand, said: “The proposed transaction brings together Zurich’s strong capital foundation with ClearView’s established in-market product and advice relationships and represents a clear opportunity to develop the customer experience and competitive offering in the Australian life insurance market.”

Geoff Black, Chair of ClearView, said: “We believe Zurich and ClearView are highly complementary brands in life insurance and that, if the scheme is implemented, Zurich will be a great custodian to continue delivering ClearView’s ClearChoice product that protects what is most important to Australians.”

Implementation of the proposed acquisition is subject to regulatory approvals and other customary conditions, including ClearView shareholder and court approvals.

The proposed acquisition is currently expected to be implemented around the third quarter of 2026.

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Justin Delaney

Zurich Financial Services Australia (Zurich) has hosted its third bi-annual Mental Health Roundtable, attended by key academic, clinical and civil society representatives to discuss trends surrounding mental health diagnosis, treatment and resilience.

Attendees discussed new analysis conducted by Zurich which quantifies the health resilience of Australian communities, including specific measures of mental health diagnosis prevalence and access to care.

Representatives from Neuroscience Research Australia (NeuRA) and the University of New South Wales (UNSW) presented academic research and the results of a recent clinical trial on the use of emotional regulation and mental health tools for the management of chronic pain.

The forum also explored key mental health trends and correlations within Zurich’s claims data, including challenges and opportunities relating to claims management and product design, with a view to improve customer outcomes.

Justin Delaney, Chief Executive Officer, Zurich said: “We are witnessing a profound increase in the diagnosis and severity of mental illness in Australia. At Zurich, mental health makes up almost a third of claims for some life products and almost half of all Total and Permanent Disability (TPD) claims mention mental health as an associated struggle or secondary issue to the primary claimed condition.”

“Zurich’s Mental Health Roundtables provide an important opportunity for the broader mental health ecosystem to collaborate, exchange views and share data to drive continued progress in addressing some of the significant trends we are seeing.”

“It is also a critical avenue for facilitating the meaningful and ongoing evolution of Zurich’s products and services, ensuring we can continue to protect Australians and play a more active role in prevention and early intervention into the future,” Mr Delaney said

Since its last Mental Health Roundtable in February 2025, Zurich has:

• Piloted three new mental health support programmes for claimants which focus on improving resilience factors such as nutrition and exercise;
• Rolled out new vulnerable customer and empathy training for all claims employees; and
• Added additional mental health specialists to support its claims and underwriting teams.

Chris Gambian, Executive Director, Australians for Mental Health said: “The mental health challenges Australia faces will require us to come together and find solutions in ways we have never done before. I appreciate Zurich’s recognition that openness to new thinking, willingness to listen to diverse perspectives, and creation of spaces for discussion such as this Roundtable, are critical for an effective way forward.”

Nieves Murray, Chief Executive Officer, Suicide Prevention Australia said: “I found the Roundtable provided valuable insights to changes in community behaviour. It was particularly interesting to learn about the increasing prevalence of mental health impacting the ability of people to live a contributing life. As colleagues working in the mental health and suicide prevention sector, the data presented a different and thought-provoking perspective.”

Rheza Tan, Clinical Director, MindSpot said: “Addressing the growing burden of mental ill-health requires genuine collaboration across sectors. Partnerships between insurance, health, and research organisations are essential to driving innovation and delivering meaningful change for Australians.”

Professor Sylvia Gustin, Co-Director, Centre for Pain IMPACT, NeuRA and UNSW said: “Mental health and chronic pain are deeply interconnected and represent a significant global health challenge. In Australia alone, chronic pain affects around 20 to 30 per cent of the population, with many also experiencing co-occurring mental health concerns. Roundtables like this provide an invaluable platform to share diverse scientific, clinical and lived perspectives and to work together towards evidence-based solutions that improve wellbeing and quality of life for those affected.”

Dr Nell Norman-Nott, Clinical Research Fellow, NeuRA and UNSW said: “We appreciated the opportunity to share the successful results of our recent clinical trial on Pain and Emotion Therapy, a new evidence-based approach that focuses on the emotional experience of chronic pain. This Roundtable was an important forum to discuss how this innovative therapy can be translated into clinical practice and made more widely accessible, which we see as the next critical step in improving care for people living with chronic pain.”

The third Zurich Mental Health Roundtable, held in November 2025, was attended by representatives from the Royal Australian and New Zealand College of Psychiatrists, R U OK?, Lifeline Australia, SANE Australia, MindSpot, Suicide Prevention Australia, Australians for Mental Health, Neuroscience Research Australia (NeuRA) and the University of New South Wales (UNSW).

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Justin Delaney

Zurich Financial Services Australia (Zurich) has welcomed the announcement by the Council of Australian Life Insurers (CALI) to formally review the Life Insurance Code of Practice (the Code).

The Code outlines the life insurance industry’s key commitments and obligations to customers on standards of practice, disclosures, and principles of conduct.

Beginning October 2025, the Code review will be conducted by Peter Kell, former Deputy Chair of the Australian Securities and Investments Commission (ASIC) and former Chief Executive Officer of CHOICE.

Justin Delaney, Chief Executive Officer, Zurich said: “The Code plays an important role in holding insurers to a high standard with our customers across the entire process, from how products are designed and sold, through to the claims experience.”

“The decision to review the Code and the industry’s intention that it be registered with the regulator underline’s a commitment to continually improving and achieving positive customer outcomes.”

“Zurich looks forward to working with Mr Kell and the broader industry on this important task and contributing to evolving the critical safeguards the Code provides to customers,” Mr Delaney said.

The Code was first established in 2016 was last revised and updated in July 2023, incorporating several changes across sales, underwriting, premium disclosures, claims, mental health, vulnerable customers, sanctions, clarity on navigating the Code, and the introduction of new enforceable provisions.

Following the review, the new Code is due to be implemented on 1 October 2027.

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Justin Delaney

Zurich Financial Services Australia (Zurich) announced it will relocate its Perth head office and secure branding rights to 140 St Georges Terrace in the city’s CBD from November 2025.

It marks the first time the signage of the 30-story office tower has changed in 50 years and will see Zurich’s Western Australia (WA) operations become more centralised.

Justin Delaney, Chief Executive Officer at Zurich said: “We are incredibly proud to see the Zurich brand become part of the Perth skyline, marking a significant milestone for our business in Western Australia.”

“Our new presence at 140 St Georges Terrace reflects our long-term commitment to the state and our local customers, partners, and people. We look forward to our relocation to the CBD and being a part of the city’s vibrant business community,” Mr Delaney said.

The skyscraper, managed by Centuria Capital Group (Centuria), was constructed in 1975 and was once the tallest office tower in Perth.

Occupying one of Perth CBD’s highest profile locations, it offers best in class facilities including lunchtime fitness classes, conference spaces, concierge services and end-of-trip amenities including bike storage, lockers, showers and change rooms.

Nick Hunt, WA General Manager, Centuria said: “Zurich and Centuria have enjoyed a long-term relationship with the global insurer also being a tenant customer at our purpose-built boutique office complex in Wyatt Street, Adelaide. We warmly welcome Zurich to its new Perth home and look forward to growing our relationship further.”

Zurich has secured an initial seven-year lease across 700sqm on Level 14 of the building.

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Justin Delaney

Zurich Financial Services Australia (Zurich) has announced new commitments to improve its understanding of mental health conditions, including exploration of a proposed collaborative research project with attendees of its latest Mental Health Roundtable.

Alongside roundtable attendees, Zurich will explore avenues for new research into the drivers of mental illness and resilience to inform improved underwriting, claims and prevention services.

Justin Delaney, Chief Executive Officer, Zurich said: “Zurich is continuing to witness the rising and profound impact of mental health conditions across our diverse customer base, with up to a quarter of applications now including mental health disclosures and more than two thirds of claims relating to mental health conditions for some products.”

The commitment to new research is in addition to several initiatives Zurich has commenced based on feedback from roundtable attendees, including:

• rolling out new mental health and vicarious trauma training for its claims team;
• consulting with the University of Technology Sydney (UTS) to examine the further use of Artificial Intelligence (AI) to better understand the causes and drivers of mental il-health;
• appointing a Head of Health Services to lead Zurich’s medical officers and in-house psychologists to support with mental health claims; and
• updating and expanding its vulnerable customer framework.

“Zurich’s Mental Health Roundtable provides an important opportunity for the broader mental health ecosystem to collaborate, exchange views and share data to drive continued progress in addressing this growing issue.”

“It is a critical avenue for facilitating the meaningful and ongoing evolution of Zurich’s products and services, ultimately ensuring we can provide greater levels of cover to more Australians,” Mr Delaney said.

Belinda Elworthy, Chief Executive Officer, Gotcha4Life Foundation said: “Zurich’s commitment to listening and learning from those with deep and diverse expertise is a positive step towards providing better support for Australians.”

Dr Anna Brooks, Chief Research Officer, Lifeline Australia said: “Lifeline welcomes any collaborative, evidence-based and person-centred steps to improve insurance underwriting, claims and prevention services in the context of mental ill health and suicidal thinking.”

Dr Simon Benson, Clinical Director, Bupa said: “We all have a role to play in addressing mental health challenges facing our community. By combining our real-world experiences, resources, knowledge, and expertise, we can create a more comprehensive and integrated approach to care that meets the changing health and well-being needs of Australians.”

Caitlin Abbott, Health Policy Lead, Mandala said: “Mental healthcare’s changing landscape presents complex economic questions for the insurance and healthcare sectors. Mandala Partners values this opportunity to contribute economic insights that can help providers, insurers, and other members of the health ecosystem navigate these challenges while developing more sustainable models that reflect evolving consumer needs.”

Constituted in July 2024, the Zurich Mental Health Roundtable is a bi-annual forum for Zurich and broader health and civil society stakeholders to share views and experiences on key trends and insights relating to the diagnosis, treatment and prevention of mental health conditions. 

The second Zurich Mental Health Roundtable, held in February 2025, was attended by representatives from Black Dog Institute, Lifeline Australia, Gotcha4Life Foundation, Bupa and Mandala Partners.

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Justin Delaney

Zurich Financial Services Australia (Zurich) and Mandala Partners (Mandala) has released Australia’s first Climate Risk Index for the Australian tourism sector.

Utilising Zurich’s global exposure analysis capability, the report analyses the impact of climate change on Australia’s top tourism sites – including major airports, national parks, beaches and museums – under different Intergovernmental Panel on Climate Change (IPCC) scenarios.

The Index – the first comprehensive, quantitative climate assessment of its kind for Australian tourism – finds that currently, half of Australia’s tourism assets are in an elevated risk category, facing considerable climate and natural peril risk.

This is set to rise to between 55 and 68 per cent of Australian tourism sites by 2050 under either an intermediate (two degrees Celsius of warming by 2041-2060) or extreme (three degrees) IPCC future climate scenario respectively. Under the more extreme scenario, 80 per cent of tourism sites will experience an increase in risk between 2025 and 2050.

Australia’s tourism industry plays an important role in the nation’s economy, contributing more than $170 billion in annual expenditure and over 620,000 jobs.

In terms of economic impact, around 30 per cent (up to 176,000) of these jobs nationally could be jeopardised – 65 per cent of which are outside our capital cities – in the event of a disaster scenario similar to that experienced following the bushfires of 2019-20.

The analysis also reveals that climate risk varies significantly by geography and site type (natural or man-made).

Queensland has both the highest number of sites facing elevated risks (79 per cent) and the most sites in the highest risk category (52 per cent) compared to any other jurisdiction. After Queensland, Western Australia and the Northern Territory have 69 per cent and 63 per cent of sites in the highest risk categories, respectively. Across the southern states, the risks were relatively lower.

By site category, the Index finds that all 31 of the busiest airports in Australia fall into the highest climate risk categories, including 94 per cent in the most extreme category, due to their geographic location and susceptibility to perils such as wind and storms.

Similarly, all of the analysed wine growing regions, botanic gardens, scenic roads & rail, and rainforests & national parks were found to be in the highest climate risk categories. Natural geological formations, museums, galleries and stadia face relatively lower risk.

Justin Delaney, Chief Executive Officer, Zurich Australia & New Zealand, said: “Australia’s tourism assets not only play a significant role in an increasingly diverse visitor economy but are collectively central to our national identity.”

“This analysis, conducted in partnership with Mandala, serves to highlight the critical importance of improving resilience across our tourism assets, both to ensure the sustainability and longevity of these sites and to minimise downstream economic impacts – particularly in regional areas – on employment, business formation, consumption and investment.”

“More broadly, it also serves to highlight the quantum of data and insights that are available to understand the prevailing risk environment in order to shape and prepare our collective response,” Mr Delaney said.

Adam Triggs, Partner, Mandala Partners, said: “In Australia, we have focused a lot on how to reduce carbon emissions but have focused less on how to prepare for the physical impacts of climate change that we are already seeing: tourist attractions destroyed by bushfires, tourism sites made inaccessible by floods, man-made attractions damaged by hail and airports closed because of extreme winds”.

“A key reason for Australia’s more limited focus on the physical impacts of climate change is a lack of data, and this is exactly the gap that our partnership with Zurich seeks to fill,” Dr Triggs said. 

The release of the Climate Risk Index for the tourism sector builds upon and follows a similar analysis by Zurich and Mandala on the climate risk facing the Australian energy generation sector in November 2023, the first assessment of its kind for an entire critical infrastructure asset class.

Read the report. 

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