Australia's ICA posts review on commercial insurance

Affordability and availability issues were focused on public liability, amongst others.

The Insurance Council of Australia (ICA) has released an independent review on the availability and accessibility of commercial insurance particularly for SMEs, a statement read.

The review, launched in February, said that issues around affordability and availability were centred on public liability, professional indemnity, directors and officers, and business interruption cover.

The options for solutions identified in review fell into three broad categories, namely awareness including standard documentation and education on risk mitigation; underwriting consortia and industry association accreditation; and the removal of taxes and lower regulatory barriers.

The ICA will conduct a one-month consultation with stakeholders, following which a final response to the paper will be prepared for the ICA board.