The Insurance Council of Australia has called on the new government and incoming Prime Minister Tony Abbott to put a greater emphasis on disaster management and mitigation.
“One of the most important issues for the Federal Government is considering how best to reduce the risk to communities that are regularly exposed to extreme weather without imposing further layers of regulation, taxation or bureaucracy on the insurance sector,” ICA CEO Rob Whelan said.
He added the Coalition was well positioned to tackle matters that would assist business efficiency, better protect communities from natural hazards and lower barriers to the uptake of insurance.
The matters of high priority include:
Reducing the regulatory burden on Australian business
Placing greater emphasis on disaster management and mitigation
Focusing on building more resilient communities in those areas of Australia exposed to regular natural hazards
Renewing the tax reform process to reduce state and territory government reliance on stamp duties on insurance products
The council also said it would welcome tax reforms that reduced state and territory government reliance on stamp duties on insurance products.
“The insurance industry is encouraged by the Coalition's belief that excessive regulation stymies innovation, investment and more employment,'' Whelan said.