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According to the ICA, the proposed fund would be distributed over ten years, involving contributions from federal, New South Wales, Queensland, and Victorian governments—regions identified as having the most significant number of flood-exposed properties. The fund would finance new flood defence infrastructure, fortification of vulnerable properties, property buybacks, and enhancements to existing mitigation systems. Additionally, the ICA is calling for the appointment of a designated flood defence minister to oversee these efforts.
More than half of 1.36 million properties at flood risk currently do not comply with contemporary resilience and building standards. ICA argues that tackling high insurance premiums requires not only long-term mitigation plans but also immediate actions, such as abolishing state insurance taxes and implementing regulatory reforms.
ICA CEO Andrew Hall emphasized the urgent need for collaboration between insurers and governments to alleviate cost pressures on insurance premiums, especially during the ongoing cost-of-living crisis. He warned that consumers cannot afford to wait for mitigation measures to take effect, suggesting that significant governmental investment is essential for reducing extreme weather risks.
While the ICA's blueprint excludes flood pools and subsidies, conversations are ongoing with policymakers. Hall stressed that any market intervention must be time-limited and linked with mitigation efforts to avoid unwarranted long-term expenses for taxpayers and consumers. Historical lessons from global practices suggest that Australia must find its own working solutions.
Interestingly, political cooperation appears tepid, with Opposition Leader Peter Dutton advocating for insurance companies to bear the responsibility for the crisis. The ICA, however, highlights the complexity of the issue and the necessity of laying all facts on the table to work collaboratively with both government and opposition.
Previous efforts, such as NSW's 2023 pledge to reform the emergency services levy and the federal initiative against building on floodplains, remain unfulfilled, adding to political frustration. Hall underscored the need for persistent advocacy to break the cycle of response and neglect, aiming for a sustainable resolution to Australia's recurring flood challenges.
Published:Wednesday, 26th Feb 2025
Source: Paige Estritori
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Custom Insurance Solutions: Protecting Your Hotel from Unique Risks The hospitality industry in Australia is a dynamic and ever-evolving sector, characterised by a diverse range of services and offerings. Hotels operate in a vibrant environment, catering to both local and international guests while constantly adapting to seasonal changes, economic shifts, and emerging trends. This dynamic nature introduces a variety of unique risks that need to be managed effectively. - read more
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A Cybersecurity Guide for Hotel Operators With an ever-expanding digital landscape, the importance of robust cybersecurity measures in the hospitality industry cannot be overstated. As technology continues to evolve, so too do the threats that target the vulnerabilities within hotel systems. This has made cybersecurity a top priority for hotel operators. - read more
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The Importance of Risk Assessment in Tailoring Your Hotel’s Insurance Coverage Risk assessment is a fundamental process in evaluating potential exposure to financial losses and liabilities in the hospitality industry. It involves identifying, analyzing, and evaluating risks that could impact hotel operations. By understanding these risks, hotel operators can tailor their insurance policies to provide comprehensive coverage and mitigate potential payouts. - read more
|
|
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The Role of Training in Minimising Liability for Hotel Operators Operating a hotel is not just about offering great services and hospitality. It also involves understanding and managing various types of liability risks. Liability in the hospitality industry can arise from numerous situations, and being unaware of these can potentially expose hotel operators to significant legal issues and financial losses. - read more
|
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The Role of Business Interruption Insurance in Sustainable Hotel Operations Business interruption insurance is a policy that covers the loss of income a business suffers after a disaster. While property insurance covers the physical damage to a business, business interruption insurance covers the profits that are lost. It ensures that a company's revenue stream can continue even if its operations are halted due to unexpected events. - read more
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