Insurance Council Urges Action on Risk Reduction as Election Approaches
Insurance Council Urges Action on Risk Reduction as Election Approaches
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.
Australians are bracing for a substantial increase in private health insurance premiums, with an average rise of 4.41% scheduled to take effect from April 1, 2026. This marks the most significant hike since 2017 and is expected to place additional financial pressure on households already contending with the rising cost of living. - read more
The Insurance Council of Australia (ICA) has declared Significant Events in response to the severe flooding that has recently impacted communities in the Northern Territory and Queensland. This declaration aims to expedite the insurance industry's response and provide necessary support to affected residents. - read more
Insurance Australia Group (IAG) has revised its fiscal 2026 outlook upwards, following the successful acquisition of the Royal Automobile Club of Queensland's (RACQ) insurance arm. This strategic move is set to bolster IAG's presence in the Queensland market and drive substantial growth in the coming year. - read more
Insurance is a crucial aspect of business for tradespeople. Whether you are a sole trader or run a small trades business, having the right insurance coverage protects you from unexpected financial burdens. - read more
Comprehensive insurance is a type of coverage that protects your trade business from various risks and unforeseen events. It typically includes an array of policies that cover different aspects of your business operations. - read more
Preventing injuries in the workplace is essential for ensuring the safety and well-being of employees. It also plays a critical role in maintaining a productive and efficient working environment. When workers are safe, they are more likely to remain healthy, motivated, and engaged with their tasks. - read more
Knowledgebase
Occupational Hazard: A risk associated with the nature of a particular occupation, which may affect insurance premiums.
