Cyber Insurance Online :: News
SHARE

Share this news item!

Insurers Seek Government Partnership to Tackle Insurance Costs

Insurers Seek Government Partnership to Tackle Insurance Costs

Insurers Seek Government Partnership to Tackle Insurance Costs?w=400

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.

In a bid to tackle the skyrocketing costs of insurance, especially in high-risk flood areas, members of the Insurance Council of Australia (ICA) are considering various government intervention strategies such as a flood reinsurance pool or direct subsidies.

The Department of the Prime Minister and Cabinet aims to address these affordability issues by establishing the Insurance Affordability and Natural Hazard Risk Reduction Taskforce. The ICA is actively engaging with the government to explore potential solutions.

According to ICA CEO Andrew Hall, while long-term measures like infrastructure investment, property buybacks, and updated land use planning are crucial, there’s a pressing need for short-term solutions in collaboration with the government to support those most affected.

A report from the Actuaries Institute last year highlighted that approximately 171,000 households are experiencing severe insurance affordability issues, with riverine flood risks contributing to over half of their premiums.

Hall emphasized that for residents in regions where mitigative measures might not significantly lower risk, immediate assistance is necessary. Consequently, the ICA strategy committee is contemplating partnership models.

"Collaborating with the government to explore these options is one of our key commitments," Hall stated.

The perspectives of ICA members vary considerably, ranging from support for traditional reinsurance pools to opposition to any form of intervention. However, Hall pointed out that there is a common understanding of the crucial principles: clearly identifying the problem, avoiding market distortions, and ensuring that the real risk prices are not obscured.

"There’s no set timeline for the taskforce's findings, but progress is being made," he added.

At this time, the Department of the Prime Minister and Cabinet has not provided additional details about the taskforce's operations.

Hall remains optimistic about the proactive discussions between insurers and the government. "Our focus is on finding ways to maintain a stable and competitive insurance market that benefits consumers. We eagerly anticipate advancing these conversations through the taskforce."

This adaptation of the news article is based on original reporting from insuranceNEWS.com.au.

Published:Friday, 24th May 2024
Author: Paige Estritori

Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.

Share this news item:

Rate this article

Sign in with Google to rate

0 Comments

No comments yet. Be the first to share your thoughts.

Insurance News

What Rising Insurance Disputes Mean for Income Protection Customers
What Rising Insurance Disputes Mean for Income Protection Customers
29 Oct 2026: Paige Estritori
New Zealand’s latest insurance dispute figures are a timely warning for anyone relying on personal cover to protect their household income. The Insurance & Financial Services Ombudsman Scheme reported that, for the year ended 30 June 2026, health insurance became the largest category of disputes it investigated for the first time, with health disputes up 91 percent and 833 dispute investigations completed across all categories. - read more
Crash Data Shows Where Truck Risk Is Shifting
Crash Data Shows Where Truck Risk Is Shifting
29 Oct 2026: Paige Estritori
The 2026 National Truck Accident Research Centre major incident report gives Australian truck operators a useful, if challenging, snapshot of where serious heavy vehicle risk is changing. Released in October 2026 and based on de-identified NTI-insured heavy vehicle major-loss claims, the report points to progress on distraction and fatigue, while also highlighting renewed concern about inappropriate speed and following distance. - read more
Delayed Small Business Insurance Inquiry Keeps Cover Concerns on the Agenda
Delayed Small Business Insurance Inquiry Keeps Cover Concerns on the Agenda
29 Oct 2026: Paige Estritori
A federal parliamentary inquiry into small business insurance has pushed back its reporting timetable, extending the wait for recommendations on insurance affordability, availability and regulation. Insurance News reported on 27 October 2026 that the inquiry, which had been expected to report that day, now intends to table its final report by 26 February 2027 after receiving extensive evidence from across the market. - read more
What the Insurance Code Rewrite Means for Shop Claims
What the Insurance Code Rewrite Means for Shop Claims
29 Oct 2026: Paige Estritori
Australia’s proposed overhaul of the General Insurance Code of Practice has moved from consultation to regulator review, with the Insurance Council of Australia lodging a strengthened code with ASIC on 22 October 2026. For shop owners, this is not an instant change to policy terms, but it is a significant development in how insurers may be expected to handle claims, complaints, vulnerability and customer communication in the next phase of the market. - read more
Why the SME Cyber Insurance Gap Is Becoming Harder to Ignore
Why the SME Cyber Insurance Gap Is Becoming Harder to Ignore
29 Oct 2026: Paige Estritori
New research from specialist insurer CFC, reported on 26 October 2026, has put a sharper number on a problem many Australian small businesses already sense: cyber risk is moving faster than insurance take-up. CFC’s local findings indicate seven in 10 Australian SMEs surveyed experienced a cyber incident in the past three years, while standalone cyber policy uptake is still estimated at only 10% to 15%. - read more
Click for more Insurance News


Cyber Insurance Articles

Understanding Cyber Threats and How They Affect Your Finances
Understanding Cyber Threats and How They Affect Your Finances
Cyber threats refer to malicious acts that seek to damage data, steal information, or disrupt digital operations. These threats can come in various forms, such as malware, phishing attacks, ransomware, and more. - read more
Protect Your Data: Cyber Security Measures Every Aussie Company Must Implement
Protect Your Data: Cyber Security Measures Every Aussie Company Must Implement
In today’s digital landscape, Australian companies face an increasing threat from cyber criminals. The paramount importance of cybersecurity has never been more evident, with the surge of incidents exposing the vulnerabilities in organizations' digital defenses. As we usher into an era where data breaches and cyber attacks are commonplace, protecting digital assets becomes a crucial part of doing business. - read more
Protecting Your Business from Online Threats: The Benefits of Cyber Insurance
Protecting Your Business from Online Threats: The Benefits of Cyber Insurance
In today's digital age, businesses are increasingly becoming more vulnerable to online threats. Cyber attacks are not just limited to large corporations. Small businesses are also at risk and can suffer severe financial losses due to cyber threats. It is essential for small businesses to invest in cyber insurance. Cyber insurance offers protection against online threats, providing financial assistance if a company experiences a data breach, cyber attack, or other forms of cybercrime. - read more
Understanding the Cost of Cyber Attacks on Small Businesses and How to Avoid Them
Understanding the Cost of Cyber Attacks on Small Businesses and How to Avoid Them
Cybersecurity refers to the practice of protecting systems, networks, and programs from digital attacks. These cyber attacks are usually aimed at accessing, changing, or destroying sensitive information, extorting money from users, or interrupting normal business processes. - read more
Understanding the Importance of Cyber Insurance in the Digital Age
Understanding the Importance of Cyber Insurance in the Digital Age
As we dive deeper into the digital era, the topic of cyber security becomes increasingly critical. With businesses and individuals relying heavily on digital technologies, the threat of cyber attacks looms larger than ever. This introductory section aims to unpack the concept of cyber insurance as a tool to mitigate these risks. - read more

Knowledgebase
Liability Insurance:
A type of insurance that provides protection against claims resulting from injuries and damage to people and/or property.

Quick Links: | Cyber Insurance | Business Cyber Insurance | Cyber Liability Insurance | Small Business Cyber Insurance | Cyber Risk Insurance | Commercial Cyber Insurance | Cyber Security Insurance | Data Breach Insurance | Cyber Attack Insurance | Cyber Insurance Coverage | Cyber Insurance Policy
This website is owned and operated by Clark Family Pty Ltd (ACN 010 281 008) as Trustee for the Clark Family Trust (ABN 35 957 893 714), 43 Larch Street Tallebudgera QLD 4228. Clark Family Pty Ltd is an Authorised Representative (AR 1298860) of Unique Group Broker Services Pty Ltd (AFSL 509434). Check our licensing details on the ASIC registers: Clark Family Pty Ltd ACR, Clark Family Pty Ltd AR, Unique Group Broker Services.
IMPORTANT: We act solely as an introducer and refer enquiries to licensed third-party brokers, insurers, and lenders. We do not provide financial product advice or credit assistance. We may receive a fee or commission from these third parties in consideration for the referral. Before any action is taken to obtain a product or service referred to by this website, advice should be obtained (from either the third party to whom we refer you or from another qualified intermediary) as to the appropriateness of obtaining those products having regard to your objectives, financial situation and needs. Whilst we have our own process for validating the legitimacy of our referral partners, you should independently verify the credentials and licensing of any adviser or provider you engage. Visit the ASIC website for further information.