On your point Elfster, what people don't seem to understand that a 1 in 100 year event means that the probability of an event occurring is 1% in any given year. I think the terminology is misleading as 1 in 100 years seems to give a false comfort that once an event has occurred, it will not occur again for another 100 years.
With regard to a national disaster fund, I wonder where you set the bar for how much should be in the fund. Given the size of the country and the regular occurence of natural disasters, how much is enough. In the last nine years off the top of my head I can think of three major incidents - Canberra Bushfires, Black Saturday, Queensland Floods. All of these have had damage bills into the billions of dollars. Whilst I think the concept is probably a good idea (subject to the shortcomings Elfster has mentioned), it is something that requires alot of thought and I hope that the government doesn't jump in with all guns blazing setting up something that probably seems popular, without proper consideration (again). I also hope the fund doesn't become a de-facto insurance policy for those who have had the means to insure a property and chose not to. I know a few people who were adequately insured for Black Saturday who are still not happy that those who weren't were bailed out by the funds from the Bushfire appeal.