The insurance industry has hailed Assistant Treasurer and Financial Services Minister Stephen Jones, who announced last week he will not stand for re-election.

The Insurance Council of Australia says Mr Jones has been a strong partner, creating opportunities for collaboration on the protection gap and addressing communities affected by extreme weather. 

It says he was instrumental in the government adopting ICA’s policy of quadrupling federal resilience and mitigation funding to $200 million a year and commissioned the recent parliamentary inquiry into 2022 flood claims.

CEO Andrew Hall says Mr Jones’ contributions have “left a lasting impact, and we are confident his legacy will continue to benefit the industry and the broader Australian community for years to come. 

“The insurance industry extends our gratitude to Minister Jones for his dedicated service and commitment to working with insurers.

“His leadership and partnership has been instrumental in navigating some of the most challenging times faced by our industry.”  

Disaster risk reduction efforts and engagement with the industry on initiatives such as the Hazards Insurance Partnership “exemplify a forward-thinking approach to building resilience against extreme weather events”, Mr Hall says.

The National Insurance Brokers Association has congratulated Mr Jones on “his exceptional service to consumers and contribution to Australia’s political and financial landscape”.

CEO Richard Klipin says the minister made a “very significant impact” and has served the portfolio with “great distinction and capability, developed a deep understanding of the sector, both locally and globally, and has always been accessible and available”.

Brokers appreciate Mr Jones’ efforts to implement Quality of Advice Review recommendations and his contributions to financial advice reforms, plus investment in disaster mitigation and insurance affordability. “This work has proved essential to help all Australians,” NIBA president Gary Okely said.

The Council of Australian Life Insurers says Mr Jones has promoted certainty on the use of genetic tests in life cover and the Delivering Better Financial Outcomes reform.

“Australia’s life insurance industry extends our sincere thanks,” CALI CEO Chris Cupitt said. “Under his leadership, the federal government set out a pathway to reform to help make financial advice more accessible and affordable for all Australians.

“We congratulate him on his retirement and acknowledge his dedicated public service to the Australian people.”