AUSTRALIA ADOPTS NEW MEASURES TO IMPROVE INSURANCE FOR SME SECTOR.

The insurance council of Australia (ICA) has announced new measures intended to improve the affordability of commercial insurance products for small and medium sized business sector, including the creation of a business advisory council to collaborate on solutions to these issues. 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 particularly for professional indemnity, public liability and business interruption cover. These will be considered at a sector level and not for individual enterprises.

The reports and recommendation of the council will be passed directly to the ICA board which includes the CEO’S of Australia’s largest insurers. It will also participate in an ICA-Led examination of the feasibility of business interruption cover providing protection against future pandemics.

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