Joint media release with the Hon Stephen Jones MP
Finding ways to help Australians with rising insurance premiums and helping communities be better prepared for disasters will be the key focus of a new partnership between the Federal government and the insurance sector.
The inaugural meeting of the Australian Government and insurance sector's Hazards Insurance Partnership (HIP) will be held in Brisbane today, mere months after the $22.6 million program was confirmed in the October budget.
Federal Minister for Emergency Management Murray Watt and Assistant Treasurer and Minister for Financial Services Stephen Jones will be joined by Coordinator General of the National Emergency Management Agency (NEMA) Brendan Moon, and key representatives from across the insurance sector.
Attendees include representatives from Treasury, the Australian Bureau of Statistics, Australian Climate Service, the Insurance Council of Australia (ICA) and representatives from Australia's five largest insurers.
Minister Watt said the landmark meeting would set a collaborative foundation for both industry and government to investigate initiatives to reduce hazard risk and put downward pressure on insurance premiums.
"As a result of climate change, natural hazard risk is increasing in many areas of Australia," Minister Watt said.
"The Albanese Government is committed to helping communities prepare better and recover quicker from natural disasters.
"That's why we have established the National Emergency Management Agency, established the flagship Disaster Ready Fund and announced an independent, root and branch review into Australia's disaster funding system.
"Partnering with insurers to share information on disaster risk will allow us to better target mitigation.
"This is the next step in our plan to build Australia's resilience to natural disasters.
Assistant Treasurer and Minister for Financial Services the Hon Stephen Jones MP said this initiative will support better outcomes for communities, businesses, and individuals.
"Today's meeting is the beginning of a true partnership, a first for the Australian Government and industry, so that we can better support Australian communities for years to come."
"It is vital that we make coverage for natural hazards easier to understand when taking out an insurance policy," Minister Jones said.
"These reforms will help ensure that Australians can obtain adequate insurance for their homes and businesses."
The HIP will establish a work-plan to ensure that the Australian Government and insurance industry are collectively working to ensure Australians have access to affordable and appropriate insurance.
