Insurance Council Urges Action on Risk Reduction as Election Approaches
Insurance Council Urges Action on Risk Reduction as Election Approaches
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
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An insurance that pays a lump-sum amount on the diagnosis of one of several critical illnesses or events