Prime Minister Anthony Albanese has called a federal election for May 3, and the Insurance Council of Australia says it is focused on advocating for “meaningful investment in mitigation”.

ICA had already released its election platform document, outlining 16 ways to address insurance affordability challenges, including the creation of a $30 billion flood defence fund.

There was no sign of any of these measures in last week’s federal budget, but the election provides another chance to push for reform.

“The budget reaffirmed that cost-of-living relief remains the government’s top priority,” ICA said.

“While the ongoing funding of the Disaster Ready Fund and additional support for Ex-Tropical Cyclone Alfred recovery are welcome, we are disappointed by the absence of new, long-term investment in resilience – particularly for flood, Australia’s most costly natural disaster.

“Without greater investment in flood mitigation, including the dedicated flood defence fund, risk will continue to rise – placing more pressure on premiums and household budgets.”

ICA says the removal of state insurance taxes is the “most direct path to easing premium pressures”.

“While long-term solutions remain crucial, lowering costs and increasing availability require a clear, government-led commitment to risk reduction.

“With the federal election now called for May 3, the Insurance Council will be focused on advocating for the next Australian government to adopt the recommendations in Advancing Australia’s Resilience, ensuring meaningful investment in mitigation and a more resilient future.”