Parliamentary Joint Committee on Corporations and Financial Services - Brisbane, QLD (part 2 of 2)
15 June 2026
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Parliamentary Joint Committee on Corporations and Financial Services Australian Parliament
00:00 - 00:31
Speaker 4
To two. It's about convincing underwriters, especially if they're they're generally gonna be Lloyds based, to bring more... Come come into Australia, and I suppose it is gonna be taking a risk on the industry. So it is about capacity. It is about having more insurers and underwriters into the marketplace.
And that becomes then you've got the supply and demand of that. If you've got more there, dreaded out. I'm I'm lost words, yeah. You you...
00:31 - 01:44
Speaker 8
Well, pretty much the work we have done with the Insurance Council of Australia and and various tourism bodies, it... It's all pointing to the same opportunities, that is to calm the sector by banning no win, no fee services, reduce the length of time for notifications of an incident, cap legal fees, publish the claims data because we don't have access to the actual data of claims because it's it's in in confidence, update the classifications of live music venues, and as you mentioned, the the songwriters before, enable more, subtlety in the different, classifications, have standards for different kinds of injuries as they do in New Zealand, cap the excesses so we don't have those 100,000 excesses, and as we mentioned about allowing some kind of disclaiming, and then, look at other ways of reducing cost as well. So all of those are pretty much across the board that have come through the Insurance Council of Australia's
01:45 - 02:14
Speaker 9
Yeah. And that's dealing with the cost side. I think what we've... It's been pretty clear to us over the course of this hearing too is the importance of that mitigation. And even when you talked about the ACCC program, which you seem to think is a good idea, potentially registration, people meeting certain standards, etcetera, That, to me, is a mitigation as well, and that seems to be not a it seems to be a bit of a missing piece at the moment in this in this sector.
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