Insurance council CEO visits Lismore

THE Insurance Council of Australia (ICA) visited Lismore last week to meet with businesses, the government, and the community to hear how the region is recovering and rebuilding three years after the 2022 floods.

Chief Executive Officer Andrew Hall met with local businesses and participated in a roundtable with Business NSW and the NSW Reconstruction Authority (RA) to hear about the recovery progress.

Hall also met with all three levels of government to discuss progress and community mitigation options.

“Having been in Lismore in the days after the floodwaters receded and many times since, you can’t help being struck by the way in which the community has got back on its feet and is taking significant steps to better protect people from future events,” Hall said.

“Through the roundtable and personal engagement with those affected by the 2022 floods, it is clear that Lismore is trying new and innovative ways to improve community resilience.

“However, Lismore remains one of the most flood-exposed communities in the country, and the reality is that much more investment in hard infrastructure is needed to better protect this unique city,” he said.

The catastrophic event remains the costliest insured event in Australia’s history, with more than 242,000 claims for $6.4 billion. More than 99 per cent of the claims are closed.

NSW Parliamentary Secretary for Disaster Recovery and Member for Lismore Janelle Saffin said the government was acting to get change.

“On behalf of our community and supported by the RA, the Community Leaders Forum put forward the most comprehensive submission regarding insurance (and approaches to address access and affordability) to the Federal Parliamentary Inquiry into insurance-related matters.

“Their report recommended that government consider our submission and I am driving this forward as one of the 2025 projects, along with our regional Masterplan and the CSIRO Northern Rivers Resilience Initiative project that will give us mitigation options,” she said.

Business NSW Regional Director Jane Laverty said they had been working closely with the ICA to navigate impacts and options for alternative, more accessible insurance.

“The impact of inaction is clear: uninsurable businesses lead to closures, job losses, and a weakened economy. Business NSW encourages all Government bodies and industry stakeholders to work together, act decisively and ensure a sustainable future for our business community,” Laverty said.