The Chief Executive Officer and Executive Director of the Insurance Council of Australia (ICA), Rob Whelan, congratulated Scott Morrison and the Coalition on their election win.
He said, “The ICA and its members will continue to strongly advocate for policies that improve business efficiency, lower regulatory burdens, protect at-risk communities from natural disasters, tackle climate change and improve the uptake of insurance.”
He also encouraged the Morrison-McCormack Government to renew the tax reform agenda, with a focus on encouraging the removal of inefficient and unfair state taxes and levies on insurance products.
He said, “The ICA hopes a greater focus will be placed on investing in nation-building infrastructure that encourage economic sustainability and growth in regions exposed to natural disasters, in the form of permanent mitigation and other resilience programs.”
He also clarified that he ICA and its members are committed to working with the Morrison Government on implementing reforms flowing from the Hayne Royal Commission, “Full and transparent consultation is essential, along with formal regulatory impact statements. This will help ensure reforms will genuinely benefit insurance customers without undermining competitive risk-based pricing of insurance or imposing additional regulation.”