The industry says guidelines for resilience investment it has developed with the federal government are critical to mitigating exposure to extreme weather.

Details of the guidelines were released on Friday when the Hazards Insurance Partnership held its 12th meeting in Canberra.

“We know it is critical that industry and governments work together to direct investment where it reduces risk most effectively,” the Insurance Council of Australia said on LinkedIn.

“The guiding principles … will help target resilience investment to keep communities safe.”

Suncorp says the guidelines “set a benchmark for investing in risk reduction and disaster funding, guiding investments into upgrades and infrastructure such as flood levees that reduce risk and moderate insurance costs”.

Signatories to the guide are the federal government, ICA, Allianz, Hollard, IAG, QBE, Suncorp, Swiss Re and Munich Re.

Prioritising mitigation investments that will most reduce risk by working with all levels of government, industry and the community is one of the eight guiding principles.

Others include considering the administrative burden and costs for governments, customers and insurers; and recognising specific decisions on insurance products and pricing are a matter for individual insurers and are important in supporting competitive markets.

Suncorp chief executive of consumer insurance Lisa Harrison said: “As a collective, we’re pushing for stronger, practical resilience measures that better protect communities, help families maintain their lifestyle, and ensure access to adequate and affordable home insurance.”