List of recommendations

Recommendation 1

5.14The committee recommends that the Australian Government must proceed with the planned legislated review of the Cyclone Reinsurance Pool in 2025.

Recommendation 2

5.29The committee recommends that the Australian Government publish modelling on the cost and benefits of the inclusion of marine insurance in the Cyclone Reinsurance Pool.

Recommendation 3

5.49The committee strongly recommends that the Australian Government support an ongoing, national resilience program on a permanent basis.

Recommendation 4

5.50The committee recommends that the Australian Government consider a range of measures to improve resilience and mitigation of high-risk homes in Northern Australia, including:

providing targeted tax offsets for eligible households in Northern Australia; and

providing direct subsidies to eligible households in Northern Australia.

Recommendation 5

5.54The committee recommends the Australian Competition and Consumer Commission, in its insurance monitoring role, investigate the impact of current taxation methods on insurance premium pricing.

Recommendation 6

5.58The committee recommends that the Australian Government fund the Australian Competition and Consumer Commission to continue its insurance monitoring role until at least 2030.

Recommendation 7

5.59The committee recommends that the Australian Government fund and expand the remit of the Australian Competition and Consumer Commission to examine the extent to which insurers are reducing insurance premiums in response to mitigation and resilience measures.

Recommendation 8

5.61The committee recommends that the Australian Government publish the report of the 2025 scheduled review into the Terrorism and Cyclone Insurance Act 2003 once the report is finalised.