The National Insurance Brokers Association has welcomed the Insurance Council of Australia’s federal election platform, which flags 16 measures to address affordability and availability concerns.

As insuranceNEWS.com.au has reported, the document leads off with calls for more than $30 billion to create a new flood defence fund, but it also recommends action on abolishing insurance taxes, better land use planning and tort reform.

“I would commend ICA for this thoughtful federal election platform,” NIBA CEO Richard Klipin told insuranceNEWS.com.au. “There are no doubt serious issues facing the next government at policy level, and good decisions come from good analysis.”

Mr Klipin describes insurance affordability challenges as “critical”.

“Reducing those costs and making insurance affordable is a key issue for NIBA and the broader sector. NIBA looks forward to engaging with ICA and the incoming government on these matters.”

ICA says the flood defence fund is “a big idea to confront a big problem”.

“The question is not whether to act, but how,” ICA CEO Andrew Hall says in the report’s introduction.

“As an industry that prices risk, we know that the only sustainable way to reduce pressure on premiums and close the protection gap is to reduce or remove the underlying risks. 

“This requires a co-ordinated approach across all levels of government, industry and communities.”

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