Insurance Council Urges Action on Risk Reduction as Election Approaches
Insurance Council Urges Action on Risk Reduction as Election Approaches
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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.
In recent times, Australian consumers have been grappling with substantial increases in insurance premiums, prompting widespread concern and scrutiny. Reports indicate that some policyholders have experienced premium hikes ranging from 30% to 50%, with certain cases witnessing even more significant surges. This trend has raised questions about the affordability and transparency of insurance pricing in the country. - read more
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The Australian insurance industry is currently navigating a delicate balancing act, striving to maintain profitability amidst rising claims costs while ensuring that insurance remains affordable for consumers. This challenge is compounded by factors such as increased natural disasters, inflationary pressures, and evolving regulatory requirements. - read more
Public liability insurance is a type of coverage designed to protect you in the event that a member of the public is injured or their property is damaged because of your business activities. It's essential for tradespeople whose everyday work involves interacting with clients and the public—or working in environments where accidents could happen. - 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
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Knowledgebase
Occupational Hazard: A risk associated with the nature of a particular occupation, which may affect insurance premiums.
