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In preparation for the election, the ICA has already outlined a comprehensive platform consisting of 16 proposals aimed at tackling insurance affordability challenges. A centerpiece of these proposals is the establishment of a $30 billion flood defence fund, which the ICA argues is essential for mitigating the impact of floods, identified as Australia's most costly natural disaster.
Despite the apparent urgency, the recent federal budget did not address these measures, leaving the upcoming election as a critical opportunity for the ICA to continue its advocacy for meaningful reforms. The ICA expressed dissatisfaction with the absence of long-term resilience investments, highlighting the government’s budget emphasis on immediate cost-of-living relief instead.
The ICA maintains that abolishing state insurance taxes presents the most direct solution to alleviating insurance premium pressures. They argue that such a policy change, paired with government-led risk reduction commitments, would significantly lower costs and enhance the availability of insurance coverage.
As the federal election draws near, the ICA remains steadfast in its mission to persuade the future Australian government to adopt the recommendations laid out in their "Advancing Australia’s Resilience" document. By championing these recommendations, the ICA aims to ensure significant mitigation investments are made, promoting a more resilient and financially stable future for Australians.
Published:Wednesday, 2nd Apr 2025
Source: Paige Estritori
| Insurers Assist Storm-Struck Casterton with Community Session 03 Apr 2025: Paige Estritori The Insurance Council of Australia (ICA) is set to host a community consultation and information session in Casterton, a town in Western Victoria recently battered by hail and storms. This event, scheduled for Wednesday, aims to provide residents with an opportunity to engage directly with their insurers. - read more |
| Insurance Council Urges Action on Risk Reduction as Election Approaches 02 Apr 2025: Paige Estritori Prime Minister Anthony Albanese has announced a federal election set for May 3, positioning the Insurance Council of Australia (ICA) to leverage this political moment to advocate vigorously for enhanced risk reduction measures. The ICA is calling for substantial investment in mitigation strategies to address pressing issues of insurance affordability and resilience against natural disasters. - read more |
| Allianz and AWP Face Hefty Penalties for Misleading Insurance Claims 01 Apr 2025: Paige Estritori The Supreme Court of New South Wales has imposed significant criminal penalties on Allianz Australia Insurance Ltd and AWP Australia Pty Ltd. Allianz received a $13.5 million fine, while AWP was fined $3.3 million. These penalties were for falsely or misleadingly promoting financial products online, breaching sections 1041E(1) and 1311(1) of the Corporations Act 2001. - read more |
