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
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

Share this news item:

Insurance News

TAL's Health Sense Plus Now Covers Income Protection Policies
TAL's Health Sense Plus Now Covers Income Protection Policies
19 Jan 2026: Paige Estritori
In a significant development for policyholders, TAL has expanded its Health Sense Plus program to encompass income protection (IP) policies. This initiative, effective from August 8, 2025, aims to incentivise proactive health management by offering premium discounts to clients who engage in preventative health checks. - read more
New Legislation Prohibits Life Insurers from Using Genetic Test Results
New Legislation Prohibits Life Insurers from Using Genetic Test Results
19 Jan 2026: Paige Estritori
The Australian government has enacted legislation prohibiting life insurers from using the results of genetic tests to refuse coverage or increase premiums. This landmark decision aims to eliminate genetic discrimination and encourage individuals to undergo potentially life-saving genetic testing without fear of financial repercussions. - read more
Markel Insurance Expands into Australian Marine Market with New Leadership
Markel Insurance Expands into Australian Marine Market with New Leadership
19 Jan 2026: Paige Estritori
Markel Insurance has announced the appointment of Tim Wills as Head of Marine for Australia, marking a significant expansion into the country's marine insurance sector. Based in Sydney, Wills will spearhead the introduction of Markel's marine products, starting with marine cargo insurance. - read more
Pelagic Risk Services Strengthens Marina Support with Gold Sponsorship
Pelagic Risk Services Strengthens Marina Support with Gold Sponsorship
19 Jan 2026: Paige Estritori
Pelagic Risk Services, a specialist marine insurance broker, has elevated its commitment to the marina industry by upgrading from Silver to Gold Sponsorship with the Marina Industries Association (MIA). This move underscores Pelagic's dedication to supporting marinas across Australia through enhanced financial contributions and the provision of exclusive risk management resources. - read more
Marinex Underwriting Enters Australian Market with Specialised Marine Insurance Solutions
Marinex Underwriting Enters Australian Market with Specialised Marine Insurance Solutions
19 Jan 2026: Paige Estritori
Rhodian Group has announced the launch of Marinex Underwriting, a new agency dedicated to providing specialised marine insurance products tailored to the Australian market. This initiative marks Rhodian's third agency launch, following the establishment of Halo Underwriting and Batch Underwriting in previous years. - read more


Cyber Insurance Articles

Navigating the Aftermath: Your Cyber Attack Recovery Roadmap
Navigating the Aftermath: Your Cyber Attack Recovery Roadmap
In an age where digital presence intertwines with daily operations, the threat landscape in Australia has magnified, exposing businesses to an evolving array of cyber threats. From sophisticated phishing attempts to ransomware attacks, the risk of digital insecurity looms large. Australia, with its growing technological adoption, finds itself facing an upsurge in cyber threat incidents year over year. - read more
From Phishing to Hacking: Examining the Coverage Options of Cyber Insurance Policies
From Phishing to Hacking: Examining the Coverage Options of Cyber Insurance Policies
In today's digital landscape, Australian small businesses face a myriad of cyber risks that can threaten their operations and financial stability. From sophisticated phishing scams to debilitating hacking attacks, the need to safeguard against such digital threats has never been more pressing. This introductory guide serves to illuminate the complexities of the cyber risk environment within Australia, focusing on the small business sector's unique vulnerabilities. - 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
How to Protect Your Small Business from Cyber Threats
How to Protect Your Small Business from Cyber Threats
In today's digital age, the rising importance of cybersecurity for small businesses in Australia cannot be overstated. As technology permeates every aspect of business operations, it offers tremendous advantages but also exposes small businesses to a growing array of cyber threats. These threats are increasingly targeting small companies, seeking to exploit vulnerabilities and potentially cause significant financial and reputational damage. - read more
Assessing Your Data Vulnerabilities: A Checklist for Australian Businesses
Assessing Your Data Vulnerabilities: A Checklist for Australian Businesses
In today's rapidly evolving cyber landscape, Australian businesses must prioritize data security more than ever before. As companies continue to digitize operations and store sensitive data electronically, the need for robust cybersecurity measures has become paramount. This introduction lays the foundation for understanding the criticality of protecting your company's most valuable asset—its data. - read more


Your free Cyber insurance quote comparison starts here!
First Name:
Postcode:

All quotes are provided free and without obligation by a Specialist from our National Broker referral panel. See our Privacy Statement for more details.


Knowledgebase
Beneficiary:
The person or entity designated to receive the death benefit from a life insurance policy.