ICA Advocates for Government Reforms to Mitigate Rising Motor Insurance Premiums
ICA Advocates for Government Reforms to Mitigate Rising Motor Insurance Premiums
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The Insurance Council of Australia (ICA) has issued a call for urgent government action to address the escalating costs of motor insurance premiums.
Highlighting a 42% increase in comprehensive motor insurance premiums since 2019, the ICA attributes this surge to various systemic cost drivers.
In a recently released policy paper, the ICA outlines six key recommendations for government intervention:
Address Skills Shortages in Motor Trades: Expand skilled migration pathways and training programs for essential trades such as panel beaters and mechanics.
Enhance Automotive Supply Chain Resilience: Recognise the automotive sector in federal supply chain resilience initiatives and ensure independent repairers have access to essential parts.
Regulate Credit Hire and Accident Management Companies: Implement consumer protections against misleading advertising and inflated costs associated with credit hire services.
Regulate Towing and Storage Fees: Support reforms to cap storage fees and secondary towing costs, ensuring fair pricing practices.
Combat Insurance Fraud: Strengthen collaboration between insurers and law enforcement to target organised fraud networks.
Reform Written-Off Vehicle Rules: Amend regulations to allow repairable total loss vehicles to be re-registered after stringent safety inspections, aligning with practices in other states.
ICA CEO Andrew Hall emphasises that while insurers are streamlining operations and investing in the repair workforce, many cost drivers are beyond the industry's control. He advocates for targeted government reforms to remove inefficiencies and unfair costs within the system.
For transport business owners and fleet managers, these proposed reforms could lead to more stable and predictable insurance premiums. Engaging with industry bodies and staying informed about policy developments will be crucial in navigating potential changes and optimising insurance strategies.
As the government considers these recommendations, the transport industry is encouraged to participate in discussions and advocate for reforms that promote fair and sustainable insurance practices.
Published:Monday, 13th Oct 2025 Source: Paige Estritori
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Knowledgebase
Insurance Deductible: That part of an insurance claim that must be paid by an insured person before the the balance is paid by the insurer.
