In accordance with Action 44 of the South Australian Climate Change Adaptation and Action Plan, embedding climate change considerations into the declaration of asset values in the SAicorp Insurance Questionnaire has been identified as a method for agencies to mitigate financial risks associated with climate change.
SAFA reminds agencies that our basis of settlement under the agency agreement is reinstatement up to the declared value of the asset or assets impacted by a loss. Where an agency owns assets that are vulnerable to the impacts of climate change, SAFA recommends an agency consider if additional costs of reinstatement may be required to protect/futureproof vulnerable assets against the effects of climate change and include these costs in the value of assets declared for insurance purposes.
If you would like to view the South Australian Climate Change Adaptation and Action Plan please follow this link:
