Assistant Treasurer Stephen Jones has returned from a trip to Europe with Australia’s insurance leaders with a “strong message” from reinsurers to prioritise mitigation.  

The delegation included ICA President Nick Hawkins (IAG CEO) and CEO Andrew Hall, and board members Sue Houghton (QBE Australia Pacific CEO) and Steve Johnston (Suncorp CEO). 

Meetings were held with Lloyd’s, the UK flood pool Flood Re, and leading reinsurers and reinsurance brokers.  

“I really wanted to find out the things that the government could do to make a difference, to help households,” Mr Jones told the ABC. 

“And simply, they said, the worst thing you can do is subsidies. The best thing you can do is look at mitigation.”  

The Federal Government has pledged $1 billion over five years to invest in disaster mitigation projects, matched by states and territories. 

See Analysis.