Landmark partnership to improve disaster insurance 

The first Hazards Insurance Partnership (HIP) meeting was held in Brisbane on 2 February 2023 to set a collaborative foundation for both industry and government to investigate initiatives to reduce hazard risks and put downward pressure on insurance premiums.  

The new partnership will provide a formal and ongoing platform for collaboration to tackle the risks of worsening extreme weather events on homes and communities that impact insurance costs. 

“As a result of climate change, natural hazard risk is increasing in many areas of Australia,” said Federal Minister for Emergency Management Murray Watt.

“The Federal Government is committed to helping communities prepare better and recover quicker from natural disasters’’, he added. 

Since the 2019-20 Black Summer bushfires there have been 12 declared insurance catastrophes and two declared significant events, resulting in more than $13 billion in claims.  

Assistant Treasurer and Minister for Financial Services, the Hon Stephen Jones MP said this initiative will support better outcomes for communities, businesses, and individuals. 

“It is vital that we make coverage for natural hazards easier to understand when taking out an insurance policy,” Minister Jones said. 

“These reforms will help ensure that Australians can obtain adequate insurance for their homes and businesses,” he added. 

The HIP will establish a work plan to ensure that the Federal Government and insurance industry are collectively working to ensure Australians have access to affordable and appropriate insurance.