Context
The ABI has announced that insurance bodies representing Australia, the United Kingdom, Canada and New Zealand gathered in London to announce the formation of the Four Nations Insurance Alliance, established to confront the rising risks threatening economic resilience across these four nations. Together, the Insurance Council of Australia, the ABI, Insurance Bureau of Canada and the Insurance Council of New Zealand represent insurers writing around USD $200 billion in premiums annually.
Key points to note and next actions
- The partnership has been established in response to common problems that have been growing across the four economies, including climate risk, persistent inflation, regulatory cost, premium affordability, and a growing protection gap.
- Additionally, emerging risks, including cyber threats and greater geopolitical instability, are challenging insurers and the vital economic and financial system role they play.
- Insurance is critical economic infrastructure in all four nations; keeping cover sustainable and affordable depends on partnership across industry, government and borders.
- Under the partnership, the four trade insurance bodies will share evidence on what works, spanning public-private partnerships, hazard data, resilience investment, regulation and emerging risks including cyber and artificial intelligence, with the intent of turning lessons from one jurisdiction into practical reforms in another.
- The launch takes place in London alongside a bipartisan Australian insurance delegation examining how governments and insurers can drive down underlying risk and keep protection available as the risk environment evolves.