First Hazards Insurance Partnership Meeting
1st March 2023
The Hazards Insurance Partnership, involving the Federal Government and the insurance industry, has held its first meeting as part of aims to improve resilience for extreme weather risks and to put downward pressure on premiums.
The meeting in Brisbane was attended by Emergency Management Minister Murray Watt, Assistant Treasurer and Financial Services Minister Stephen Jones, and Co-ordinator General of the National Emergency Management Agency (NEMA) Brendan Moon.
Representatives attended from the Insurance Council of Australia and five of the largest insurers, Treasury, the Australian Bureau of Statistics and the Australian Climate Service.
$22.6 million was announced in the Federal Budget over four years for work focused on identifying the most pressing insurance issues in high-risk areas, targeting the best solutions, and supporting better consumer outcomes via more affordable cover and a better understanding of insurance.
