The Australian insurance industry has recognised the contributions of Assistant Treasurer and Minister for Financial Services Stephen Jones (pictured) following his decision to retire from federal politics.
Key industry bodies, including the Insurance Council of Australia (ICA), the National Insurance Brokers Association (NIBA), the Council of Australian Life Insurers (CALI), and the Financial Services Council (FSC), have noted his role in shaping financial and insurance policy.
Jones has been a key government figure in discussions on closing the insurance protection gap, strengthening disaster resilience, and reforming financial services. His tenure included efforts to enhance engagement between the insurance sector and government, including his participation in meetings with global reinsurers in London and Munich in 2023.
In his retirement announcement, Jones reflected on his time in federal politics, highlighting his policy achievements in financial services, superannuation protections, and consumer rights.
“I am proud of the work we have done to secure the future of our steel industry, to rebuild TAFE, and as assistant treasurer, fighting scams, protecting workers superannuation, making financial advice more accessible and affordable, and strengthening consumer protections for all Australians,” he said.
The ICA acknowledged Jones’s involvement in developing the Hazards Insurance Partnership, a forum facilitating cooperation between government and industry on risk mitigation strategies. His support for increased federal resilience funding – rising to $200 million annually – was also noted, alongside his role in initiating the Parliamentary Inquiry into 2022 flood claims.
“The insurance industry extends our gratitude to Minister Jones for his dedicated service and commitment to working with insurers. His leadership and partnership has been instrumental in navigating some of the most challenging times faced by our industry and its customers,” said ICA CEO Andrew Hall.
NIBA acknowledged Jones’s role in insurance broking and financial advice regulation, particularly his efforts in implementing recommendations from the Quality of Advice Review.
“He has been an excellent minister and has served the portfolio with great distinction and capability, developed a deep understanding of the sector, both locally and globally, and has always been accessible and available,” said NIBA CEO Richard Klipin.
NIBA president Gary Okely also noted the industry’s appreciation for Jones’s role in reforms to financial advice, investment in disaster mitigation, and measures addressing insurance affordability.
“The sector appreciates Minister Jonesʼs contributions to the Australian governmentʼs efforts in addressing reforms for financial advice, investment in disaster mitigation, and the affordability of insurance. This work has proved essential to help all Australians,” he said.
CALI highlighted Jones’s contributions to financial services policy, particularly his efforts to improve consumer protections in life insurance and ensure regulatory clarity around the use of genetic testing in underwriting.
“Australia’s life insurance industry extends our sincere thanks to Assistant Treasurer Jones for his long-standing commitment to Australia’s financial services customers and collaborative approach with our industry,” said CALI CEO Chris Cupitt.
The FSC commended Jones for his work in financial services policy, particularly his engagement with industry stakeholders on financial advice reforms.
FSC CEO Blake Briggs said the financial services industry has appreciated Jones’s collaborative and open approach when working with the industry over the past five years, as both the assistant treasurer and as opposition spokesperson.
“The assistant treasurer can rightly point to a number of successes in his portfolio, and the industry lauds his efforts in ensuring financial advice reform remained on the government’s agenda, legislating the first tranche of its response to the levy review,” he said.
