The trade bodies for non-life insurers in New Zealand and Australia have signed a Memorandum of Understanding (MoU) to coordinate lobbying and share knowledge about public-private risk reduction measures, in response to rising costs from natural disasters. The Insurance Council of New Zealand and Insurance Council of Australia said today the MoU formalised their “informal trans-Tasman relationship”. The bodies added: “Australia and New Zealand share geography, history, and risk.