Industry conferences sometimes fail to tackle the real issues, but the Insurance Council of Australia (ICA) annual forum in Sydney on Friday packed serious punch.

CEO Rob Whelan got things off to a flying start by holding the Federal Government to account for its failure to act on strong recommendations to increase disaster mitigation spending.

Australian Prudential Regulation Authority Executive Member Geoff Summerhayes was almost trailblazing in encouraging financial businesses to acknowledge and manage climate-related risks.

And Australian Securities and Investments Commission Chairman Greg Medcraft didn’t hold back when warning the industry to get its act together on add-on insurance.

ICA also established a fresh review of the industry Code of Practice and research findings on effective disclosure.

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