Thanks, Andrew. Good morning, and welcome to the Insurance Council’s 2026 Conference.
A particular welcome to all of the speakers, policymakers, regulators, media and industry leaders who will be part of the conversation over the next day and a half.
I do want to acknowledge the work of Andrew Hall, his executive team and everyone at the Insurance Council. They’ve done a huge amount to advance our industry’s priorities, at a time of significant challenge and disruption.
There have been times in the history of the ICA where we have not enjoyed the support and respect of our stakeholders, and I want to acknowledge my predecessor Nick Hawkins, and the Board, who along with Andrew and the team have led this turnaround.
Today, the Board of the ICA is made up of the CEO’s of all the major domestic insurers – that hasn’t always been the case. It’s a substantial commitment of time but it’s a commitment we believe is necessary if we want to move the industry forward.
I also want to recognise Sue Houghton and thank her for her significant contribution to our industry and to the Insurance Council, including during her time as President of the Board.
Sue retired last week from her role at QBE after a long and distinguished career in our industry, and we all wish her well for the future.
I’d also like to start today by saying what an immense privilege it is to be part of an industry that plays such an important, purposeful role in our communities, our economy and our nation.
I joined this industry when I joined Suncorp in 2006. Soon after, Cyclone Larry devasted north Queensland. That was my first insight into the role insurance plays in a modern society. It’s what both attracts and keeps most of us working in the industry.
It also comes with great responsibility. People and communities depend on us and the cover and support we provide in some of their most difficult and vulnerable moments.
That shared responsibility is what brings us together to have constructive dialogue and drive meaningful, collective action to improve outcomes and ensure a sustainable, viable insurance industry for the customers and communities we serve – both today and into the future.
However, the insurance industry cannot do this alone – and that’s what this conference and the advocacy work the ICA leads – is all about. Sharing perspectives, collaborating on solutions, and forging a pathway forward for the benefit of our citizens who rely on us.
Extreme weather, geopolitical uncertainty, persistent inflation and cost of living pressures have become constants, while newer risks including cyber threats, rapid technology advancements particularly in AI, and international insurance fraud for example – are evolving in ways we’re working at pace to understand.
As our risk landscape changes, and as the needs of our customers and communities change, so too must our response as an industry.
CODE & REGULATION
A major part of our Industry’s response is our revised Code of Practice and this has been our key focus through the year.
The updated Code, now with ASIC for approval, represents the biggest step change in the Code’s history.
It has been shaped by extensive consultation, including careful consideration of where stakeholders agreed and where views differed.
It includes strong protections without adding unnecessary complexity or cost that would add to the affordability burden.
For the first time, Code commitments will be contractually enforceable, while remaining practical across different product lines, customer types and claims.
The new Code will strengthen protections for customers experiencing vulnerability and hardship, lift standards for claims handling, and bring greater transparency and accountability.
The Code goes beyond the legal minimum, translating regulatory requirements into clear standards that consumers can understand, insurers can implement, and an independent body can monitor and enforce.
The Code has been passed to ASIC with the full endorsement of the ICA Board. While it may not tick every box of the broad range of stakeholders we have consulted, we believe it is a huge step forward for our industry and the consumers that rely on us and it should be supported.
I thank the input from many in this room but particularly Julie Batch, from IAG, who has led our interactions with stakeholders and galvanised the industry response.
PREMIUM TRANSPARENCY & LITERACY.
That same customer focus is also shaping one of the most promising conversations in our industry right now around premium transparency and literacy.
We welcome the work of the Federal Government, through Treasury, to look at how we can help households better understand what drives the pricing of their home and contents premiums, and we’re working constructively with them on options that are practical and genuinely useful.
It’s only fair that policy holders want to know why their premium has changed, and what they can do about it.
We see this as an opportunity for our industry to build trust, to engage customers in a more meaningful conversation about their risk, and to help them make more confident decisions about their cover.
When people understand how risk shapes their premium, they can also see how action – a stronger roof, better drainage, a more resilient home – can make a difference.
In that way, price becomes a useful signal of risk that informs decisions – for households, and for governments deciding where investment in mitigation and adaptation will do the most good.
And in a world where insurance is set to become hyper-personalised, as the traditional pooling of risk concept is challenged, consumers will rightly expect any investment in mitigation or resilience will be reflected in their premium. As an industry we must stand ready to facilitate this.
Explaining premiums is only part of the answer – lasting affordability comes from reducing the underlying risk, and this is something we remain staunchly focused on as an industry.
EXTREME WEATHER RESPONSES / RESILIENCE ADVOCACY
One of the clearest lessons from recent years is that large claim events are no longer an occasional challenge.
Major weather events are arriving in quick succession, and while as an industry we have strengthened our catastrophe preparedness, claims capability and communication and support for vulnerable customers, there remains much more to do working in partnership with all levels of governments to protect the citizens of this country.
We must prioritise and preserve access to affordable insurance – in partnership with Governments we want to be there for the entire population, not just 70 or 80 per cent of it.
We know that when the cost of disasters rise, so too do premiums, contributing to the pressure many household budgets are already under.
And when insurance becomes harder to afford, the risk doesn’t disappear. Communities are simply left more exposed, and the wider cost is ultimately shared by all Australians.
The hard truth is that much of this risk is of our own making. Over more than a century, disparate state and local planning decisions have allowed too many Australians to buy and build where they never should have.
Today, roughly one in ten Australian homes is at high risk from extreme weather, often with little or no structural protection. Andas we rightly work to solve housing availability and affordability, we must not repeat those mistakes.
But on a positive note, progress has been made; years of advocacy has seen mitigation investment firmly on the national agenda, and funding is finally starting to flow.
The challenge we’re now faced with is a shortage of design-ready projects which would fundamentally move the dial on Australia’s mitigation imperative.
I’m talking about major nation-building and transformational infrastructure projects like levee banks, water storage facilities and modern urban stormwater systems.
We have made great advances in how we think about a more resilient Australia but it’s time to think big, and create a clear, long-term national plan. One that commits the resources and coordination of the Commonwealth to deliver resilience infrastructure initiatives that provide real benefit to those communities in need.
And for those homes and communities that can never be made resilient enough, we must be prepared to have the difficult conversation about relocation or as the kiwis put it – managed retreat.
We must also address the taxes that compound the burden on those most exposed through no fault of their own as part of a broader tax reform agenda.
INDUSTRY RESPONSIBILITY
And finally, it’s impossible to deliver a speech these days without talking about AI.
Protecting customer trust, remaining accountable for the decisions we make, and ensuring technology strengthens the customer experience rather than undermines it are at the forefront of our industry responsibility.
AI presents an enormous opportunity for customers and insurers alike – but it can only provide benefits if the risks are well managed and safe deployment and effective governance are prioritised.
It’s already helping insurers identify risk, assess damage faster and settle claims more efficiently.
And it’s giving our people more time to bring judgement, empathy and reassurance to customers who need it most.
Customers may also turn to AI-driven businesses for advice, or even insurance-like products, outside the regulatory framework that applies to insurers.
These changes raise fundamental questions about how insurance operates and how customers are protected. This is something we must work through thoroughly with government and regulators.
AI is also making organised insurance fraud more sophisticated, helping criminal networks operate across borders.
Equally, it gives us new tools to fight back.
Through the Insurance Council’s industry fraud intelligence capability, insurers can spot patterns and connections that would be difficult to identify manually. Last year, that work helped insurers prevent $478 million in fraud, avoiding costs that would otherwise be borne by customers.
In wrapping up, these challenges and opportunities I’ve outlined are all very live matters occupying the agenda of the ICA and our members, and it’s a great opportunity over the next day to come together and discuss our shared responsibility in tackling them.
Again, thank you for joining us and I hope you enjoy the discussions.
