Roof tiles have risen 77% in five years and Queensland build costs went up around 45% since 2021, with insurers receiving 409,094 home claims worth A$11.3bn (US$8.1bn) since 2022, according to ICA fig...
A shift to a broad-based property charge would lower costs for most households and businesses while expanding insurance uptake, the industry body said.
The proposed code would introduce contractually enforceable obligations, automatic acceptance of certain claims after 12 months, and expanded protections for vulnerable customers.
The Insurance Council of Australia has urged Treasury to focus Compensation Scheme of Last Resort reforms on addressing misconduct and structural issues rather than broadening industry levies.
The Council proposes a 10-year A$30.15bn (US$21.50bn) Flood Defence Fund targeting 24 east-coast catchments covering 1.2 million at-risk properties, among other priorities.
