Economics Committee to scrutinise insurance sector following year of COVID-19 and natural disasters

THE House of Representatives Standing Committee on Economics will hear from the Insurance Council of Australia, as well as from a range of insurers at a public hearing via videoconference on Friday, June 25, as part of its ongoing Review of the Four Major Banks and other Financial Institutions.

The chair of the committee, Tim Wilson MP, said, "These hearings are an important mechanism for the Parliament to publicly scrutinise and hold Australia’s insurance sector to account.

"Insurance is an essential way that Australians and Australian businesses manage risk and protect themselves from financial loss after disaster strikes. Australians must be able to rely on the insurance sector to provide high-quality policies and respond quickly when claims are made.

"The past 18 months has been a difficult time for many Australians. The COVID-19 pandemic quickly following on from a horror bushfire season, and recent extensive flooding in several states has meant businesses and individuals have had to depend upon their insurance companies in ways never before experienced.

"The committee is looking froward to hearing what lessons have been learned by the industry over the course of the pandemic and what policy changes and technological innovations have been adopted in light of the Hayne Royal Commission."

Public hearing details

Date: Friday, 25 June 2021
Time: 9.15am to 5.15pm
Location: Videoconference

The hearings will be webcast at aph.gov.au/live.

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