Emissions reduction is essential but “will not prevent many of the climate impacts already locked into the system”, the Insurance Council of Australia says in a renewed push for increased government spending on mitigation.

“The Insurance Council considers that a successful climate transition requires equal attention to both emissions reduction and adaptation … disaster risk reduction and community adaptation must sit alongside emissions reduction as core components of Australia’s climate policy framework,” the peak body adds in a submission to the Climate Change Authority.

The authority, an independent climate adviser to the federal government, was seeking submissions on its Annual Progress Advice consultation paper.

Feedback was sought on matters including proposed ways to measure progress towards emissions reduction targets and broader net zero objectives.

“While the Insurance Council supports the focus ... on emissions reduction and economic transformation, a comprehensive assessment of Australia’s climate transition should also incorporate adaptation and risk reduction,” ICA’s submission says.

“From an insurance perspective, emissions reduction metrics alone do not provide a complete picture of Australia’s preparedness for the physical impacts of climate change.

“A more balanced framework should assess both progress in reducing emissions and progress in reducing exposure and vulnerability to climate hazards.”