Big insurers and institutional investors have urged governments to pump money into projects that will limit the damage caused by natural catastrophes, warning the costs of such disasters would surge as global temperatures rise.

In submissions to the upcoming bushfire royal commission, Suncorp, the Insurance Council of Australia and the Investor Group on Climate Change (IGCC) called for federal and state governments to develop a co-ordinated national disaster strategy that would include better building standards and development processes, and measures to promote public and private investment in resilience projects.