TasInsure will address a real and growing problem: the rising costs of insurance for some Tasmanians - particularly small businesses, tourism operators, community groups and event organisers.
Premier Jeremy Rockliff said our Government engaged leading insurance expert John Trowbridge to develop the framework for TasInsure.
"TasInsure will step in where the market fails and will focus on long term affordability by addressing risk, prevention, resilience and increasing competition," Premier Rockliff said.
"Following the expert advice of Mr Trowbridge, TasInsure will be a Tasmanian Government-owned, not-for-profit statutory authority with a broad mandate to oversee and support the insurance ecosystem in Tasmania.
"Its primary focus is to lower the cost of insurance for Tasmanian households, businesses, tourism operators, community groups and other consumers.
"Our Government is delivering a nation-leading solution to insurance and Tasmanians will reap the benefits."
The next phase of TasInsure includes:
- progressing legislation to formally establish TasInsure as a Government-owned, statutory not-for-profit;
- finalising TasInsure's initial market interventions to support hard-to-insure activities and risks where existing market settings are not delivering adequate outcomes;
- advancing detailed work on Tasmania-specific risk data, mitigation and reinsurance mechanisms to address structural drivers of premium increases and improve long-term pricing outcomes;
- develop advisory, transparency and comparison functions to promote competition and help households, businesses and community organisations better navigate the insurance ecosystem; and
- continue engagement with insurers, brokers, community organisations and technical experts to ensure TasInsure strengthens insurance outcomes and protects long-term financial sustainability.
TasInsure is being built for the long-term benefit of Tasmanians, delivering fairer and cheaper insurance across the State.
- The TasInsure Implementation Plan is available here
- Mr Trowbridge's report is available here
