The Insurance Council of Australia (ICA) has welcomed the formation of the second Albanese Government ministry and looks forward to progressing work with the Government to advance Australia’s resilience.
ICA CEO Andrew Hall says insurance is an important part of the motoring sector.
“Insurance is a fundamental part of a healthy economy, and its sustainability is essential to giving people security and peace of mind,” Hall said.
“The industry continues to face high inflation in the building and motor sectors, the impacts of climate change on extreme weather, skills and workforce shortages, among other issues putting pressure on insurance affordability.
“Under this new Government, insurers look forward to a continued focus on identifying high-risk catchments and investment in resilience and mitigation to reduce those risks.”
Hall particularly supported the appointments of Dr Daniel Mulino and the reappointment of Chris Bowen as Minister for Climate Change.
“The ICA warmly welcomes the appointment of the new Assistant Treasurer and Minister for Financial Services Dr Daniel Mulino, who brings a wealth of experience to the role including from his role as Chair of the House Economics Committee, which signals that the Prime Minister and his Government takes seriously the important contribution financial services make to the economy and to the lives of millions of Australians,” Hall said.
“Climate change remains a pressing social, economic, and political issue and we welcome the reappointment of Chris Bowen as Minister for Climate Change.”