The Insurance Council of Australia (ICA) is keen to continue its efforts in lobbying the Government on a number of issues, including the implementation of a policyholder protection scheme, regulation of direct offshore foreign insurers and reforming taxes such as the fire services levy (FSL) in New South Wales and Victoria.

ICA Executive Director Alan Mason told the National Insurance Brokers Association Convention in Perth yesterday that the council isn’t sure “whether the Government has shot itself in the foot” over the FSRA.

And he mounted a stout defence of insurers’ impressive profits, saying plaintiff lawyers “would have us believe that insurers have made all their profits out of tort reform”.

He referred to the latest Australian Prudential Regulation Authority figures that show net premiums for commercial and domestic property and motor vehicles represent 40% of total revenue, while public liability is just 6.7% and professional indemnity 3.7%.

“In fact the CEOs of two of Australia’s largest unlisted insurers have said emphatically in relation to their most recent profit announcements that none of it is due to tort reform,” Mr Mason said.