INSURERS AND BUILDERS JOIN FORCES

The Insurance Council of Australia (ICA) and Master Builders Australia (MBA) have announced that they are uniting to develop proposals that will help strengthen homes and communities against natural disasters.

ICA CEO Andrew Hall said: “Australians’ homes are their greatest financial asset. The Royal Commission has identified clear priorities that can reduce the risks to homes. Whatever efforts we can take to reduce vulnerability and reduce the risk of loss must be a priority for industry and Australian governments.”

MBA CEO Denita Wawn said: “The building and insurance sectors are committed to exploring practical and effective ways to deliver better building quality outcomes that enable industry to deliver more resilient buildings and give consumers confidence.

“This includes keeping premiums at a sustainable and affordable level for consumers and the building and construction supply chain.”

The industry groups have heeded key findings from the Royal Commission into National Natural Disaster Arrangements and will host a series of roundtable discussions to create a pathway towards national policies that improve property resilience, building standards and land-use planning.

The Building Stronger Homes Roundtable will facilitate builders and insurers to work together, harnessing industry insights from both insurance data and builders experience, to help map actions that can improve the resilience and insurability of existing and future Australian homes. The first roundtable will be convened in Canberra on Thursday November 26, attended by senior industry and government leaders. Experts in science, banking and finance, behavioural and market economics will also be invited to participate in the roundtables.

A final report from the roundtables will be presented at the conclusion by mid-2021.