The policies have a focus on protecting Australians from natural disasters, as well as improving insurance affordability.
The centrepiece of the policy document, Advancing Australia’s Resilience, is a proposed $30.15 billion Flood Defence Fund over 10 years to safeguard at-risk catchments in Queensland, NSW and Victoria.
The FDF would be jointly funded by the Federal Government and the Queensland, Victoria and NSW governments.
Twenty-four catchments across the three states that have been identified as high-risk flood areas would benefit from the funding, including the Goulburn River.
The funding would deliver new critical flood defence infrastructure, strengthen at-risk properties, help local government undertake buybacks and future-proof existing flood mitigation infrastructure.
ICA chief executive Andrew Hall said the funding would help in the midst of the cost-of-living crisis and increasing natural disasters.
“Insurance premiums have risen over the past few years through a perfect storm of high inflation, taxes and regulations, extreme weather events and ever-increasing risk factors,” he said.
“That’s why Advancing Australia’s Resilience includes a big idea to combat a big problem over the long term — the creation of a $30.15 billion, 10-year Flood Defence Fund to protect Australians from our costliest natural disasters.”
The policy document also outlines initiatives for improved outcomes, including strengthening the Disaster Ready Fund, better data and flood mapping, improving disaster response, cyclone-proofing northern Australian homes and abolishing state insurance taxes.
“If we don’t do anything, insurance customers, governments and taxpayers will continue to pick up the much higher costs of rebuilding every time there is a natural disaster and insurance risks becoming unavailable and affordable for those Australians who need protection the most.”
The ICA is committed to working closely with the state and federal governments on solutions that will help future-proof Australia.
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