Insurance Council Urges Action on Risk Reduction as Election Approaches
Insurance Council Urges Action on Risk Reduction as Election Approaches
2
The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.
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.
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.
QBE Insurance Group, Australia's largest insurer by market value, has recently experienced a significant downturn in its share price, reaching a seven-month low. This decline is primarily attributed to a slowdown in the company's premium rate growth during the third quarter of fiscal 2025. For tradespeople across Australia, this development could have notable implications, particularly concerning insurance premiums and coverage options. - read more
The Australian Securities and Investments Commission (ASIC) has recently raised significant concerns regarding the quality of financial advice provided to individuals about self-managed superannuation funds (SMSFs). This development is particularly relevant for tradespeople considering SMSFs as a means to manage their retirement savings. - read more
Australia's financial regulators, the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC), have issued a strong warning to the country's A$4.5 trillion superannuation industry. They emphasize the urgent need to prepare for an anticipated influx of approximately 2.5 million retirees over the next decade. This development holds significant implications for tradespeople, many of whom rely on superannuation funds for their retirement savings. - read more
Workers' compensation insurance is a form of insurance that provides financial protection for businesses and their employees in the event of workplace injuries or illnesses. It ensures that workers receive the necessary medical treatment and compensation for lost wages if they are hurt on the job. - read more
Welcome to our guide on the step-by-step process for tradespeople to submit an insurance claim. Navigating the insurance claim process can often be daunting, especially for busy tradespeople who are focused on their day-to-day operations. In this article, we'll walk you through each stage, making the process simple and straightforward. - read more
Tradespeople in Australia rely heavily on their tools and equipment to get the job done. Whether you are a carpenter, electrician, plumber, or any other type of tradesperson, your tools are essential to your daily operations. - read more
Dictionary
Liability Insurance
noun
A type of insurance that provides protection against claims resulting from injuries and damage to people and/or property.
