Insurance Council of Australia

Complex and cumulative regulation can impose significant operating costs on the #insurance industry, ultimately leading to higher premiums for customers.   That’s why it's encouraging to see progress with the financial sector Regulatory Initiatives Grid (RIG) announced by Federal Treasurer Jim Chalmers. The RIG outlines reform priorities, initiatives, and key #regulatory activities that will impact the #financial sector over the next two years.   This aligns with the Insurance Council of Australia's long-term #advocacy for a regulatory initiatives grid, similar to the UK's, providing a clear and transparent roadmap for upcoming regulatory changes.

The Insurance Council of Australia welcomes the release of the Final Report by the Independent Code Review Panel and has accepted a large number of recommendations from both the Code Review and the House of Representatives Standing Committee on Economics report into #insurers’ responses to 2022 major #flood claims. The industry has published its response to 78 recommendations across both reports that can be supported or where the industry can work constructively with others to explore implementation. The Insurance Council of Australia and #insurers are committed to continuing to work closely with Australian governments, stakeholders, consumer representatives, and regulators to implement changes that improve the industry’s response to #customers impacted by #ExtremeWeather events. Read more: bit.ly/400q03m

With school holidays on our doorstep, the Insurance Council of Australia is urging travellers to ensure they have adequate #travel #insurance before venturing overseas this summer.  Data commissioned by the Insurance Council of Australia and Smartraveller found that one in eight Aussies were not covered by travel insurance on their most recent overseas trip, with the vast majority exposed to potential underinsurance. Having travel insurance is just as important as having a passport when it comes preparing for a holiday to another country.  Read more in our #media release: bit.ly/4fj2YsX

The Insurance Council of Australia is pleased to welcome Youi Insurance Chief Executive Officer, Nathaniel Simpson, as a non-executive member of its Board. Nathaniel replaces Chubb’s Peter Kelaher, who was promoted to Division President of Continental Europe, Middle East, and North Africa. Nathaniel brings a wealth of industry knowledge and experience, having held roles in the financial services industry in both Australia and South Africa. He also recently co-chaired the ICA’s successful US study tour to Washington DC and California. bit.ly/3PbZY7r

Today, the Insurance Council of Australia released the third edition of ‘Climate Change Roadmap: Towards a Net-Zero and Resilient Future’, reaffirming the industry’s commitment to achieving #NetZero emissions by 2050.   While 2024 has seen fewer extreme weather events compared to recent years, the #insurance industry remains at the forefront of #ClimateChange impacts. Rising premiums reflect growing #risk - a dynamic that demands stronger collaboration between industry and government to address.   This year’s Roadmap highlights the progress insurers are making with 85 per cent of member respondents having set net-zero targets for 2050 and with 50 per cent aiming for 2030 operational net-zero targets.   Innovative initiatives are also emerging, such as incentives for #sustainable home renovations and #bushfire #resilience, which not only support emissions goals but help mitigate #risks and ease pressures on #premiums for customers.   As a sector, we face both risks and opportunities in addressing the realities of #climate change. By working together, we can support a more #resilient and #sustainable future for Australia.  bit.ly/3OMQSOc

At the Global Federation of Insurance Associations (GFIA) General Assembly in Cape Town this week, Andrew Hall, CEO of the Insurance Council of Australia was appointed as Regional Representative for the Oceania Region, to the GFIA Board.   GFIA represents #insurers globally, accounting for 89% of total #insurance premiums—over $4 trillion annually. The federation focuses on key challenges, including leveraging global #data and insights to accelerate action on closing the $2.8 trillion insurance protection gap.   This appointment will further support the #Oceania region to meaningfully contribute to global collaboration on shared risks, opportunities and challenges facing the insurance sector.

In recognition of the United Nations’ #InternationalDayForTheAbolitionOfSlavery yesterday, the Insurance Council of Australia joined Allianz Australia in hosting Dr. James Cockayne, NSW Anti-Slavery Commissioner for a thought-provoking discussion on modern slavery.   Key takeaways: - The Scale of the Issue: An estimated 27 million people globally and thousands in Australia are living in conditions amounting to slavery. - Business Risks: Businesses with complex #SupplyChains are particularly exposed to #ModernSlavery risks. Tackling these #risks requires commitment from boardrooms to #procurement teams.   As major institutional #investors and key risk managers, #insurers have a powerful role to play in tackling this challenge. By embedding #ethical practices across #investments, supply chains, and #policy frameworks, we can help create a more equitable and #sustainable #economy. Office of the NSW Anti-slavery Commissioner

#Flood is Australia’s most costly natural disaster, and as our #climate worsens we need to do more to protect those most impacted by flooding. Fortunately, we know with a fair degree of accuracy which homes and communities are going to be impacted. For some homeowners and residents, the only sustainable way to #mitigate the flood #risk is for the property to be bought back or raised. That’s why the Insurance Council of Australia strongly welcomes the additional funding announced today for the NSW Resilient Homes Program, bringing total funding to $880 million. This #investment will see more homes prioritised for #buybacks and #resilience upgrades – serving to better protect communities and reduce #risk. Well done to Jenny McAllister, Federal Minister for Emergency Management, @Justine Elliot, Federal Minister for Richmond, Paul Scully, NSW Minister for Planning, Jihad Dib, NSW Minister for Emergency Services, and Janelle Saffin, NSW Parliamentary Secretary for Disaster Recovery for their continued focus on recovery and resilience in the Northern Rivers. 👉 For more details, visit the Resilient Homes Program Website. https://lnkd.in/ggyHvXXu

With Australia’s population growing and a shift towards high-density living, safe and well-managed #strata schemes supported by effective #risk management are more important than ever. Strata living offers convenience but also presents challenges, such as maintenance, building quality and #resilience, and strata scheme management. If not managed properly, these issues can lead to unexpected costs and poor outcomes for #consumers. As one of Australia’s largest mandatory #insurance sectors, it’s essential to address the #risks and complexities of strata schemes with greater #transparency and understanding for residents. To tackle these challenges, the Insurance Council of Australia has released a #policy paper and factsheet outlining 17 key recommendations to improve consumer outcomes, de-risk strata complexes, and address insurance #affordability. These resources aim to enhance strata management and provide clarity on the multiple parties involved in the strata value chain. Read more in our media release bit.ly/3Vfp2hc

Our partnership with Fire and Rescue NSW is grounded in a shared commitment to protecting lives and property. As lithium-ion battery incidents continue to rise, this collaboration offers a powerful opportunity for the #insurance industry to promote #safe #battery practices. With many people set to gift or receive items powered by lithium-ion batteries, we’re proud to support Fire and Rescue NSW’s consumer-focused campaign that seeks to raise awareness, reduce #risks, and strengthen #safety in Australian communities.  #FireSafety #LithiumIonBatterySafety #ProtectingLives