On 10 October 2025, the Albanese Government published the speech given by Dr Daniel Mulino MP (Assistant Treasurer, Minister for Financial Services) at the Insurance Council of Australia Annual Conference 2025.

Among other things the speech highlights:

• Digitisation and AI—promise and risk: The Minister emphasized that digitisation and AI can cut costs, speed up claims (especially post‑disaster), and better identify vulnerable customers.  However, more precise risk measurement can exclude high‑risk consumers, so safeguards and customer‑first practices are essential.

• Affordability and resilience imperative: Insurance affordability is worsening due to more frequent, severe natural disasters and higher reinsurance costs.  Alarmingly, of the 242,000 homes at highest risk of flooding across the county, 77% lack flood cover and 70% live in below‑median income areas.  The Government is investing $1 billion over five years via the Disaster Ready Fund and establishing the Hazards Insurance Partnership to share data on where to invest to reduce risk and insurance costs.

• Immediate industry action and policy settings: The sector’s move to an Australian Securities and Investments Commission approved enforceable code is welcomed, but the Minister urged firms to implement fair, transparent practices now. Treasury is also reviewing the cyclone reinsurance pool—the cyclone reinsurance pool is already lowering costs for high cyclone risk, but more can be done to provide incentives for risk mitigation incentives.

On 10 October 2025, the Australian Prudential Regulation Authority (APRA) has also published the remarks made by APRA Executive Board Member Suzanne Smith at the ICA conference 2025.

In this speech Suzanne Smith outlined how Australia’s insurance sector can be “futureproofed” amid rising climate, cyber, and geopolitical risks.  She urged insurers to strengthen resilience by getting the basics right every day—maintaining strong capital, prudent underwriting, robust claims management capabilities, operational resilience (including third‑party oversight), and up‑to‑date cyber security—underpinned by clearer accountability under the Financial Accountability Regime.

She calls innovation essential, highlighting digital investment and AI to improve underwriting, claims processes, fraud detection, and cybersecurity—while insisting solutions be transparent and designed for customers, especially around premium drivers and affordability.

Suzanne Smith also discussed leadership and stresses in particular a strong risk culture: boards that drive change, executives who challenge constructively, and staff who feel safe to speak up, with urgent uplift needed in claims and technology areas.