Insurance giant leaders have addressed a parliamentary inquiry to discuss the insurance industry's responses to the major floods in 2022.
Suncorp Group CEO Steve Johnston and CEO consumer insurance Lisa Harrison presented their perspectives to the parliamentary committee.
In his opening statement, Johnston emphasised Suncorp's commitment to supporting affected regions in Queensland, New South Wales, and Victoria.
“I've seen the recovery efforts following cyclones, hailstorms, bushfires, floods, and even the odd earthquake. In recent weeks, we have been called upon to support communities in the Far North, North and the south-east of Queensland, and across regional New South Wales and Victoria as the unrelenting weather continues,” he said.
Johnston also highlighted engagements with global reinsurers to reinforce Suncorp's catastrophe program and advocated for increased investment in resilience and mitigation infrastructure, aligning with Suncorp's four-point plan for a more resilient Australia.
Furthermore, Johnston emphasised the need for continuous improvement in the insurance industry and underscored Suncorp's readiness to collaborate with the committee. He expressed a willingness to address questions and support initiatives that contribute to a more resilient future.
In a separate statement to the inquiry, IAG managing director and CEO Nick Hawkins discussed the steps taken by IAG to support affected communities.
“We've met with our customers and we've spoken to local community leaders and partners about their experience. Being on the ground has helped us better understand the devastation in these communities and the experiences that our customers have faced,” he said.
Hawkins emphasised ongoing efforts to enhance digital capabilities, improve the prioritisation of claim status, and assist vulnerable customers with complex needs. Beyond immediate responses to weather events, the company is actively engaged in long-term initiatives to improve resilience and reduce risk for customers and communities.
“We're working to share our knowledge and expertise because we understand that reducing risk improves the safety of our customers and improves insurance affordability,” he said. “That's why we're an active participant in conversations with government around mitigation solutions, including building codes, land planning, and extreme risk areas planned relocation.”
Insurance Council of Australia CEO Andrew Hall recently apologised to customers in response to the 2022 floods inquiry.
Andrew Hall is recognized as one of the Top Insurance Executives and Professionals in Australia. Learn more here.
