The Insurance Council of Australia (ICA) has launched its 2025 Annual Conference in Sydney on Oct. 9 – drawing together professionals from across the insurance industry, as well as representatives from regulatory bodies and government.
The two-day event, hosted at the Hyatt Regency Sydney, is designed to explore the sector’s current challenges and future opportunities under the theme “Futureproofing Australia: Innovation, resilience, and leadership in a risky world.”
Opening the conference, Steve Johnston (pictured), Suncorp Group CEO and chair of the ICA board, acknowledged the Traditional Custodians of the land and extended a welcome to attendees from member companies and industry stakeholders.
He highlighted the dual nature of the sector, noting that while insurers compete in the marketplace, they share a collective responsibility when working through the ICA.
Reflecting on the ICA’s recent trajectory, Johnston said: “The ICA is now more relevant than ever and is the go-to body when the views of the industry are sought.”
He attributed this to the leadership of CEO Andrew Hall and the collaborative efforts of member company executives.
Johnston discussed a recent industry delegation to the UK and Europe, which included nearly all major Australian insurance CEOs and assistant treasurer Dr Daniel Mulino. The purpose of the trip was to benchmark global practices and bring back insights relevant to the Australian context.
Johnston observed that the Australian insurance sector remains closely tied to international capital markets, and that competition for capital is ongoing.
“There were many insights from this visit that will eventually find their way into legislation or regulation,” he said.
The address touched on the significant pressures the industry has faced in recent years, including the aftermath of the COVID-19 pandemic, inflationary trends, and shifts in global reinsurance.
Johnston pointed to the 2022 floods as a turning point, exposing gaps in claims management and prompting parliamentary scrutiny.
“We didn’t spend enough time on the 2% of claims that were outstanding,” he said, emphasising that even a small percentage of unresolved claims can have a significant impact.
Johnston noted that the industry has since invested in improving its preparedness and response to large-scale events, with a focus on learning from past shortcomings.
A major initiative underway is the overhaul of the General Insurance Industry Code of Practice.
Johnston described this as a critical step for the sector, requiring broad consultation and the introduction of enforceability measures.
“A meaningful advancement and contemporisation of our practices, with enforcement provisions built in, will be a worthy objective,” he said.
Johnston reiterated the need for a national approach to resilience, highlighting that planning laws have historically placed some communities at risk.
He called for a rebalancing of disaster funding, suggesting that more resources should be directed toward prevention.
“We must move this to 50/50 over time by dusting off projects sitting on shelves and inspiring new ones,” Johnston said.
He also addressed the challenge of insurance affordability, particularly in high-risk regions, and underscored the importance of product innovation and collaboration with government.
“Our social license dictates we cannot be an industry for 70% or 80% of the population,” Johnston said, outlining the sector’s responsibility to provide accessible coverage.
Johnston identified tax reform as a key agenda item, noting that insurance taxes disproportionately affect those most exposed to risk.
He advocated for the removal of such taxes as part of a broader tax system overhaul, suggesting that the current political landscape presents an opportunity for meaningful change.
The conference program features a mix of plenary sessions and specialised breakout discussions on topics such as global market trends, disaster response, product innovation, artificial intelligence, and regulatory developments.
The event brings together leaders from the domestic and international insurance sectors, as well as government officials and subject matter experts.
The conference will conclude with a keynote address by Assistant Treasurer Dr Daniel Mulino and a panel discussion on the future positioning of Australia’s insurance industry.
