Insurance Council of Australia: Business Advisory Council's Inaugural Meeting
Representatives from key industry groups attended yesterday's meeting of the BAC, focusing on how insurers and business can work together on meeting market gaps and lowering risk drivers, particularly in relation to professional indemnity and public liability cover.
The BAC was established in response to recommendations contained in the final report of the Independent Strategic Review into the role of the private commercial insurance market undertaken by industry expert
The representatives of the small and medium-sized business sectors, insurance brokers, underwriters and the ICA engaged in a productive and constructive meeting with all parties afforded the opportunity to ventilate issues around the affordability and accessibility of insurance faced by some SME sectors.
The representatives outlined the current difficulties small businesses are facing in accessing affordable insurance. Concerns were also raised about the role of state and territory governments in mandating insurance for licensing requirements and accessing government procurement, which puts more pressure on small business which can't afford such high levels of cover.
The meeting was chaired by respected industry veteran and outgoing CEO of the
The BAC will provide its recommendations as they are developed directly to the ICA Board, which includes the CEOs of
Comment attributable to Andrew Hall, CEO
"Insurance is an important part of any business operation, and we hope this council can provide an effective mechanism to have constructive engagement between insurers, brokers, underwriters and advocates for small and medium-sized businesses.
"We thank participants for their engagement on these issues and the goodwill from all parties to explore all commercial solutions within the current hardened market for insurance."
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