Time for action Andrew Hall has hit the ground running by implementing a range of key strategies at the Insurance Council By John Deex
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ndrew Hall started work as the Chief Executive of the Insurance Council of Australia (ICA) in September last year, and faced immediate and unprecedented challenges. The potential impact of COVID-19 on the insurance industry was becoming clear, and at the same time insurers were continuing to deal with a record-breaking catastrophe season that led to more than $6 billion in claims. On top of that, a raft of regulatory changes loomed as the recommendations of the Hayne royal commission flowed through to the industry. Despite this confronting introduction to his new job, Mr Hall remains optimistic about the insurance industry and determined to change it for the better. In his first in-depth interview since taking the role, he tells Insurance News his priority now is to push two key areas – the role of insurance in the economy, and its role in addressing the consequences of climate change. “Advocacy in positioning the role of insurance in the economy is critical,” he told Insurance News. “Without insurance the economy doesn’t function and, sometimes, it is a little bit taken for granted. “I see a real opportunity to elevate the role of insurance in the national economic narrative as we recover out of COVID-19.”
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February/March 2021
As for climate change, he splits the debate into two parts – the global effort to reduce emissions and whether it’s moving fast enough, and Australia’s progress in building resilience to the impacts. On the first point, Mr Hall believes the most valuable contribution the industry can make is through data. “When it comes to the broader question about national and international settings for emissions, the one thing that insurers can bring to the table is the data,” he says. “Whatever position we want to take in that debate, at the very least we can help policymakers understand what the data is that we’re seeing. “I know reinsurers in particular have some really interesting quality data that shows what the changing climate has been driving in this country. “I think we need to elevate our voice so that the data around that risk can be really well understood.” He says that with climate change, insurers are operating within a framework set by the Federal Government. But he believes most insurers “are subscribed to the goals of the Paris Agreement”, as well as targets to reach net zero emissions by 2050. “How you get there is a pathway. It will be understanding where the risks are, understanding your role in those risks and making the right decisions for how
