INQ336

Recommendations for this Inquiry

INQ-ref REC-UID CODE SubCode SrcNUM Recommendation
INQ336 REC336-4483 F - Research and technology 13 - Mapping and data quality Recommendation 1

The committee recommends that the Australian Government ensure that future releases of modelling are provided well in advance of key dates in the ongoing roll-out of the Cyclone Reinsurance Pool.

INQ336 REC336-4484 D - Recovery 6 - Insurance and legal liability Recommendation 2

The committee recommends that the Australian Government review:
- the availability and coverage of insurance in Northern Australia, specifically the insured versus the uninsured, including nonparticipation; and

INQ336 REC336-4485 D - Recovery 6 - Insurance and legal liability Recommendation 3

The committee recommends that the Australian Government direct the Australia Competition and Consumer Commission to monitor the cyclone insurance markets in Northern Australia, and report on:
- instances where thin markets may be impacting both insurance coverage and cost; and

INQ336 REC336-4486 A - Responsibility 21 - Role of Commonwealth Government Recommendation 4

The committee recommends that the Australian Government announce a position on the inclusion of marine insurance in the Cyclone Reinsurance Pool.

INQ336 REC336-4487 B - Preparedness 1 - Land-use and building regs Recommendation 5

The committee recommends that the Australian Government facilitate a coordinated approach to land use planning, building codes, mitigation and disaster resilience that includes the National Emergency Management Agency and other levels of government.

INQ336 REC336-4488 D - Recovery 6 - Insurance and legal liability Recommendation 6

The committee recommends that the Australian Government’s 2025 review of the Cyclone Reinsurance Pool consider:
- evidence and data on whether to ‘sunset’ the Cyclone Reinsurance Pool’s coverage of policies for new builds past a certain date; and

INQ336 REC336-4489 A - Responsibility 25 - Inquiry, audit, lessons management and after action review Recommendation 7

The committee recommends that future reviews of the Cyclone Reinsurance Pool consider the sum insured limit under the business property policy.