Insurers and brokers are targeting a constructive relationship with the federal government after Prime Minister Anthony Albanese led Labor to an emphatic victory in Saturday’s election.

They have urged Canberra to address insurance challenges with a “future-focused” mindset by investing in mitigation and adapting to the risk landscape.

The Insurance Council of Australia said: “Constructive collaboration between government, industry and communities is essential to Australia’s resilience – particularly in the face of more frequent and severe extreme weather, a growing population and rising housing demand.

“To meet these challenges, Australia must remain future-focused: adapting to rising risk, building strong homes in the right locations, retrofitting existing homes, and investing in resilience and mitigation infrastructure and projects.

“These steps are critical to protecting communities and improving long-term insurance affordability.

“We look forward to our ongoing work with the Albanese Labor government and all members of parliament to advance Australia’s resilience.”

The National Insurance Brokers Association says it will continue advocating for greater investment in disaster mitigation and climate resilience.

“NIBA remains committed to working collaboratively with government to support a strong, fair and sustainable general insurance market,” the association said.  

“[NIBA] congratulates the Albanese Labor government on its re-election and looks forward to continuing to work constructively with the Prime Minister, cabinet ministers and members of parliament from across the political spectrum in the new term of government.”

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