The past 12 months have been a period of relative calm for the industry after the external shocks to the insurance system of the previous three years, according to the Insurance Council of Australia’s (ICA) latest annual review.

The insurer’s peak body says it has concentrated on bedding-down regulatory changes and developing measures to better serve policyholders.

Some of the major issues recorded by ICA during the past year include the implementation of the Financial Services Reform Act, working with the Australian Prudential Regulation Authority on Stage 2 reforms and Productivity Commission inquiries into smash repairs, and National Competition Policy on workers’ compensation.

Noting the continuing development of tort reform, Mr Mason says all Australian governments “have taken decisive steps to restore the balance between the need to properly compensate people injured by a negligent act and the community’s need to have access to insurance and risk transfer mechanisms at a reasonable price”.

“ICA has been pleased to co-operate with all governments in the reform process.”

Executive Director Alan Mason says ICA will also re-examine the “longstanding and difficult community problems of exposure to flood risk”.