The Australian Greens have outlined their plans for cheaper insurance, including pushing states to end stamp duties, expanding the reinsurance pool to all natural disasters and requiring coal, gas and oil companies to contribute to mitigation funding.

The party says a minority government is likely after the upcoming election, and its insurance plan is part of a series of “Robin Hood reforms” it will put on the table in any post-poll negotiations. 

Deputy leader Mehreen Faruqi – who chaired the recent Senate committee inquiry into the impact of climate risk on insurance – launched the policies in the northern NSW seat of Richmond, which was hit by the record 2022 floods.

The polluter-pays policy would make fossil fuel companies contribute to the reinsurance pool and the Disaster Ready Fund, which has annual federal funding of $200 million, matched by project contributions from states and territories.

“The Greens will make fossil fuel companies pay their fair share to make insurance cheaper for everyday people,” Senator Faruqi said.

The plans include more Australian Competition and Consumer Commission powers, stronger disclosure obligations on insurers to better explain premium pricing, and development of a “free and accessible” national disaster risk map and database.

Parliamentary Budget Office costings show stamp duty changes would put more than $4 billion “back in people’s pockets” in the first year, the Greens say. 

“Stamp duty on insurance premiums is plainly unfair when people who face higher risks pay higher premiums and then more stamp duty on top,” Senator Faruqi said.

“Abolishing these taxes is a no-brainer way to immediately reduce premiums. There also must be stronger oversight, monitoring and disclosure requirements.”

Similar proposals were recommended by the Senate select committee. But Labor and Liberal committee members, in additional comments to the report, rejected a levy on coal and gas producers and raised concerns about a reinsurance pool expansion.

“Liberal senators agree with the committee that general taxes on insurance including stamp duty should be removed from insurance products, noting these taxes are the responsibility of the states,” the Coalition members said.

The Greens, which have four House of Representatives seats, say they need a 1.8% swing to win Richmond, which is held by Labor. The current crossbench includes a further 15 minor party and independent members.

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