Hazards partnership to hold insurance forum
The Hazards Insurance Partnership will hold a forum with state, territory and local governments, plus the Australian Local Government Association.
The September 17 meeting is part of a focus on stronger engagement with state and territory governments around insurance affordability and availability, a communique released on Friday says.
The government and industry partnership’s latest meeting, on June 18, endorsed a work plan and priority streams to ensure “a continuing focus on the key priorities and challenges facing the insurance sector relating to natural hazard risk”.
Assistant Emergency Management Minister Josh Wilson says priorities for government are community-level large-scale risk reduction and resilience solutions, household-level risk reduction and resilience, and enabling data and information sharing.
Next financial year, the HIP will focus on analysis and insights to target resilience solutions where they are needed most, continuing support for the National Insurance Dataset, and stronger engagement with state and territory governments.
Assistant Treasurer Daniel Mulino has acknowledged a growing expectation among consumers for a more consistent approach to premium transparency and an explanation for price rises.
“The more price transparency that exists, the more consumers can see how risk reduction activities will affect their premiums, which should drive uptake,” the communique says.
The partnership was established by the Albanese government and held its first meeting three years ago under measures to improve resilience and address insurance affordability issues.
Attendees at this month’s meeting included representatives from government, the Australian Climate Service, Insurance Council of Australia, Allianz, Hollard, IAG, Munich Re, QBE, Suncorp and Swiss Re. Observers attended from regulators, the Australian Reinsurance Pool Corporation and the Department of the Prime Minister and Cabinet.
The next regular HIP meeting, after the September forum, will be on November 24.