NIBA Unpacks Insurance Affordability Challenges in the Inquiry into Insurance Costs in the ACT

NIBA provided a submission to the inquiry into insurance costs in the ACT.

The inquiry focused on issues affecting the availability and affordability of insurance for small to medium-sized businesses, particularly in relation to workers’ compensation and public liability insurance.   

In its submission, NIBA outlined:

"Insurance plays a vital role in supporting businesses, communities, and the broader economy by protecting against financial loss and ensuring resilience in the face of risk. A well-functioning insurance market is essential to enabling economic stability, and community sustainability."

NIBA’s submission focused on workers’ compensation premiums, which are among the highest in the country, highlighting key jurisdictional differences that result in higher premiums such as unlimited common law damages and the inclusion of journey claims.  

In addition to the written submission, NIBA appeared before the Committee to expand on these points and provide further insight into the experiences of brokers and clients across the ACT.  

NIBA appreciates the Committee’s focus on these important issues and looks forward to contributing to the development of policy solutions that support a strong, sustainable, and competitive insurance market. 

You can read NIBA full submission here.