Parliamentary Joint Committee on Corporations and Financial Services - Sydney, NSW (part 2 of 2) — hearing of 6 May 2026: transcript & video · Polyfact

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Parliamentary Joint Committee on Corporations and Financial Services - Sydney, NSW (part 2 of 2)

6 May 2026

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Contents updated on 21 Oct 2026

Closing evidence from Consult Australia highlights professional indemnity limits rising from $10m to $20m without clear risk-based justification and notes limited transparency from insurers on pricing the higher cover, before the witness is excused.

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Consult Australia — PI limits and pricing concerns

00:00

Consult Australia — PI limit increases and arbitrariness

00:00

ACCI — small business insurance pressures and tax

03:13

ACCI opening — small business pressures and underinsurance

03:13

ACCI priorities — taxes, procurement requirements, reinsurance

06:24

Chair: state insurance taxes and Lloyd’s reinsurance role

11:08

Sharma: NSW emergency services levy and funding models

15:25

ACCI — sector impacts, cyber cover and regulatory burden

20:00

Jarrett: which insurance classes are rising and sector impacts

20:00

Cyber uptake, packaging products and innovation needs

26:31

Buchholz: broader cost pressures, offshoring and compliance burden

30:21

Red tape vs tech failures and insolvency risks

38:02

Lawrence: evidence for tax reform benefits and competition

40:25

Small vs large business premiums and negotiation power

46:53

Psychosocial stress, innovation drag and ACCI’s insurer members

52:01

Government insurance requirements, ‘white tape’ and small supplier exclusion

01:01:29

APRA — mandate, liability trends and market hotspots

01:09:15

Transition to APRA — mandate and liability premium data limits

01:09:15

Liability cost drivers — claims, litigation, risk and state regimes

01:12:33

Risk mitigation, premiums and insurer profitability

01:16:01

Market hotspots and APRA’s non-role in availability and price

01:18:23

APRA — reinsurance, capital mix and mitigation pricing

01:20:25

Reinsurance, capital frameworks and oversight boundaries

01:20:25

Reinsurance vs capital mix and changing demand

01:27:04

Mitigation case studies and APRA’s lack of pricing remit

01:31:43

APRA — powers, data gaps, cyber risk and tort legacy

01:36:13

APRA powers, data gaps and competition conditions

01:36:13

Cyber insurance growth, AI-driven risk and reinsurer appetite

01:39:51

Tort law reform legacy, litigation trends and data responsibilities

01:44:56

Parliamentary Joint Committee on Corporations and Financial Services - Sydney, NSW (part 2 of 2)

6 May 2026

Parliamentary Joint Committee on Corporations and Financial Services Wed, 6 May 2026 Australian Parliament

00:00 - 00:37

Speaker 48

Having a evidence or calculation behind it. So I think that's one issue we've seen members reporting that 20,000,000 is increasingly becoming the standard requested level. There's been no evidence given as to why it's gone from 10 to 20 because it was 10,000,000 probably only five years ago. So it it does seem to be quite a nominal apportionment and a level that's being set.

00:37 - 00:39

Yeah. So it seems pretty arbitrary.

00:39 - 00:41

Yes, that's the word I'm looking for.

00:41 - 00:50

Speaker 4

Thank you. Arbitrary. Have you sought any information about why that is the case, the 10 live to 20?

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