Insurance Council of Australia Welcomes New Albanese Ministry

The Insurance Council of Australia (ICA) today welcomed the formation of the first Albanese ministry and said it looked forward to working with the Government’s new ministers on improving the resilience of homes and communities exposed to extreme weather risk.

Although there were some changes in portfolio responsibilities relating insurance, they will provide continuity to Opposition. The ICA and insurance companies worked constructively alongside shadow ministers to develop policies that would improve resilience in communities and support customers. Opposition has largely maintained the Treasury and Finance portfolios. The ICA is looking forward to working with Stephen Jones (Assistant Treasurer and Minister For Financial Services) on the implementation and monitoring of the Northern Australian Reinsurance Pool.

The changing climate has many impacts, which is why insurance companies are well aware of them. Therefore, the Climate Change portfolio will be returning to Cabinet and the position it holds under the capable leadership of Chris Bowen. The ICA welcomes Senator Murray Watt being retained in the Emergency Management portfolio. This is because the clean-up of the February-March floods continues and there is the risk of more extreme weather.  The ICA and insurers supported Labor’s $200 million Prevent, Repair, Rebuild package, announced by Senator Watt and Prime Minster Albanese in January to better protect Australian homes and communities from the impacts of storms, floods, bushfires and cyclones.   The Government’s commitment matches that made by the Insurance Council in Building a more resilient Australia our election platform report highlighted the urgent need to increase protections for Australians against extreme weather risk and represented a significant step forward in resilience funding.

The ICA is also focused on how insurance can protect Australian businesses from cyber-attacks and welcomes the appointment of Claire O’Neil as Minister for Cyber Security along with her Home Affairs responsibilities, and the elevation of the Cyber Security portfolio into the Cabinet.

Andrew Hall, CEO of ICA, said: “There are no shortage of issues confronting ministers in portfolios that relate to insurance, and the ICA looks forward to continuing our work with those minsters we know well and those new to our areas of interest. “We are really pleased to see Senator Murray Watt retain Emergency Management and enter the Cabinet, which is testament to the hard work he has put into this difficult portfolio area.

“I’d also like to thank Matt Thistlethwaite, who moves into other portfolio roles but who showed a very collaborative and open-minded approach to the insurance sector over the past three years as Shadow Assistant Minister for Financial Services and Superannuation.”

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