ICA devises industry blueprint
The large number of changes in the political arena makes it hard for ministers to keep up to date on all things insurance, so ICA is developing an industry “blueprint” on current industry issues.
President Michael Hawker told the Insurance Council of Australia (ICA) NSW conference on Friday that legal frameworks, understanding of industry issues and industry-government relationships “risk getting lost” as new people come through the political ranks.
There have been a number of changes in the Federal Treasury line-up over the past few years. For example, Assistant Treasurer Peter Dutton took over from Mal Brough a month ago, and Parliamentary Secretary Chris Pearce has been in his job for less than 16 months.
Mr Hawker says losing ground on areas the industry has made headway in with previous ministers “would be, in our view, a disaster”.
“The blueprint [is] a consistent approach,” Mr Hawker said. “We need to be ahead of the game.”
ICA is looking at four main areas for the blueprint: changing societal risks, personal injury management, the affordability of insurance and the health of the industry.
In addition to the blueprint, Mr Hawker says ICA and its members have a number of priorities this year. These include promoting the new General Insurance Industry Code of Practice, defending tort reform, finding a solution on flood insurance, and developing comprehensive industry data.
He says ICA will also be pushing for effective industry regulation and tax reform this year.