Insurers and brokers have responded to the outcome of Saturday’s federal election, saying they are ready to work with Prime Minister Anthony Albanese on the many pressing challenges facing the country, including disaster resilience and cyber threats.

The Insurance Council of Australia (ICA) and the National Insurance Brokers Association (NIBA) both expressed support for the proposed Disaster Ready Fund that Labor unveiled during the election campaign.

The fund aims to improve disaster readiness by investing up to $200 million a year on mitigation projects such as flood levees and fire breaks, matched by states, territories and local governments.

ICA CEO Andrew Hall says the industry “warmly” welcomes the fund and NIBA CEO Philip Kewin says it is a “good starting point”.

Mr Hall says the industry also looks forward to working with the incoming Government, the crossbench and the Opposition on the implementation of the Northern Australian Reinsurance Pool.

The industry wants the new administration to focus as well on strengthening the resilience of the digital environment, including to ensure policy settings for a “vibrant and sustainable” cyber insurance market which is vital to protecting Australian businesses from the impacts of cyber crime.

“The Insurance Council congratulates Anthony Albanese on being elected Prime Minister at this critical time in our nation’s history and we look forward to working with the new Labor Government,” CEO Andrew Hall said in a statement.

“The ICA has worked in a bipartisan manner with both sides of politics for many years on issues of importance to insurance customers and the sector, with a particular focus in recent years and months on community and household resilience.

“We warmly welcomed Labor’s Disaster Ready Fund which, if supported financially by the states and territories, will make a real difference to protecting those homes and communities exposed to extreme weather risk.”

ICA says the fund is in line with the peak body’s election policy platform – Building a More Resilient Australia – calling for a range of measures to better protect households and communities from the impacts of extreme weather and put downward pressure on premiums.

The ICA’s push proposes that governments collectively lift resilience funding to $2 billion over the next five years and outlines six flood, cyclone and bushfire measures that it estimates would save governments and households at least $19 billion to 2050.

Mr Kewin says NIBA looks forward to working with the new Government in achieving the best outcomes for its members and the broader community.

He says the peak body is also looking forward to working with Labor, the Opposition and the crossbench on important issues such as resilience as well as the implementation of the recommendations from the Quality of Advice Review to be handed down in December.

“NIBA would like to congratulate Anthony Albanese on being elected as Prime Minister,” Mr Kewin said.

See Analysis.