Insurance peak groups from Australia, New Zealand, the UK and Canada have formed an alliance to tackle issues including climate challenges, a growing protection gap and emerging risks.

A common heritage and similar regulatory, legislative and commercial environments have supported informal collaboration and knowledge sharing, and the Four Nations Insurance Alliance formalises and boosts that work, the groups say.

“Risk does not respect borders, so it makes sense for four countries facing the same pressures to work as one,” Insurance Council of Australia CEO Andrew Hall said.

“We are still paying for yesterday’s disasters while new gaps open through cyber, artificial intelligence and global instability, and this alliance helps us get ahead of them.”

ICA, the Insurance Council of New Zealand, the Association of British Insurers and the Insurance Bureau of Canada represent insurers writing about $US200 billion ($287 billion) in premium annually.

IBC CEO Celyeste Power says despite diverse climates, each member of the alliance is experiencing catastrophic wind, flood and wildfire events that are taking a toll on residents and insurers.

“We also understand that affordability is top of mind for most insurance customers,” she said. “Ensuring their interests remain front and centre will be a key focus of our collaboration.”

The alliance launch took place in London alongside an Australian insurance delegation examining how governments and insurers can drive down underlying risk and keep protection available as the environment evolves.

The insurance bodies will share insights on new ways to distribute risk and support economic stability as protection gaps grow, with a focus on working with government on effective public-private partnerships.

They will engage on resilience, adaption and risk reduction – including looking at impacts from rising “secondary perils” such as bushfire, hail and severe convective storms – advocate for proportionate regulation, and identify joint research and engagement opportunities.

“Our members across all four countries understand how insurance underpins economies and communities,” ICNZ CEO Kris Faafoi said.

“By working with governments and sharing our insights, we can ensure regulatory settings, technology and accessible insurance can strengthen the stability we value.”