It has been 25 years since the last major national review of liability laws, with the Insurance Council of Australia calling the case for reform “overwhelming.”
Insurers have set up 24/7 hotlines and the ICA has set up a task force and is working with the government to track claims and support Australians affected by the conflict.
The proposed fund, intended for building hard infrastructure against flooding in high-risk communities, would be co-invested by federal and state governments over 10 years.
Four submissions covering business pack and interruption insurance, workers’ compensation, and cyber insurance have been lodged before a Parliamentary Joint Committee inquiry.
The proposed legislation targets credit hire and accident management companies, as the Council continues working with the Treasury to keep the final framework streamlined.
Responding to Queensland's proposal for a mutual insurer, Andrew Hall says a national flood risk pooling scheme and large-scale mitigation investment are needed to fix Australia's insurance affordability...
