The proposal would implement the following:

• component 1: expand affordable insurance options, on an ongoing basis, by broadening the Cyclone Reinsurance Pool (CRP) to cover all natural disasters
• component 2: ensure fossil fuel companies contribute to disaster costs by legislating their contributions to the CRP and the Disaster Ready Fund (DRF)
• component 3: increase transparency in insurance pricing by empowering the Australian Competition and Consumer Commission (ACCC) to monitor and report on premium prices quarterly and requiring insurers to provide clear breakdowns of premium costs and adjustments with $50 million in funding
• component 4: commit $10 million in departmental funding in 2025-26 (non-ongoing) to provide better access to disaster risk information by establishing a public national disaster risk map and database through the Australian Climate Service (ACS) and National Emergency Management Agency (NEMA)
• component 5: reduce insurance costs by incentivising state governments to abolish house and car insurance stamp duty.

Components 1, 2, 3 and 4 of the proposal would take effect from 1 July 2025.

Component 5 would take effect from 1 July 2026.