Australia’s Business Advisory Council to improve affordability of insurance

The council was formed by the Insurance Council of Australia.

The Insurance Council of Australia (ICA) has formed the Business Advisory Council as part of its new measures to improve the affordability and availability of commercial insurance products for the small and medium-sized business sector.

The Business Advisory Council will bring together business and insurance sectors with the aim of working through practical solutions to insurance availability and affordability issues, most particularly for professional indemnity, public liability, and business interruption cover. These will be considered at a sector level and not for individual enterprises. 

The council will provide reports and recommendations directly to the ICA Board.

Industry veteran and outgoing CEO of the National Insurance Brokers Association (NIBA) Dallas Booth will be the chairperson of the advisory council which will include representatives of the ICA, the Council of Small Business Organisations Australia, the Australian Chamber of Commerce and Industry, the Australian Small Business and Family Enterprise Ombudsman, and the Office of the NSW Small Business Commissioner.

The creation of the council is part of ICA’s 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, John Trowbridge.