The talks also cover potential funding mechanisms for the scheme, including the use of disaster relief funds or small deductions on utility bills, according to a government official cited by Reuters.
Australia’s per capita losses from extreme weather remain among the world’s highest, prompting the ICA to renew calls for tax, planning, and disaster funding reforms.
The regulator is sharpening its focus on affordability and long-term resilience as insurers face mounting cost pressures from natural disasters, inflation, and limited reinsurance capacity.
The rating agency said recent insurance regulatory changes will influence solvency positions, distribution models and reinsurance dynamics, with China, South Korea and Australia setting the pace in As...
The order follows a similar demand against New India Assurance, signaling a broader clampdown on GST treatment of co-insurance and reinsurance premiums.
Premiums placed by intermediaries rose to A$21.5bn in the first half, led by a rise in unauthorised foreign insurers, though APRA-authorised carriers continue to hold the lion’s share of premiums.
