New Alliances for Restoration: RACQ Joins RIA Australasia
New Alliances for Restoration: RACQ Joins RIA Australasia
The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.
In a significant development for the restoration industry in Australia, RACQ Insurance has become the latest insurer to align with the Restoration Industry Association (RIA) Australasia.
This follows closely behind Suncorp's recent membership, highlighting a trend of increased insurer involvement in the sector.
Brodie West, Chair of RIA Australasia, expressed optimism about the future of these collaborations. She stated, “We are in discussions with additional insurers and anticipate further interest in joining our initiative." This growing engagement underscores a collective push to enhance the standards and practices within the industry.
The introduction of an inaugural code of practice is on the horizon, set for launch in early 2025. This code aims to establish a framework that promotes professionalism and accountability among restoration service providers. West added, “RACQ Insurance is an important partner, and its support emphasizes the significance of our upcoming code." This collaborative effort reflects a commitment to improving outcomes for clients and reinforcing the integrity of the restoration process.
Insights gained from recent technical roadshows and strategic consultations have already proven valuable to participating insurers. The rich knowledge base and expertise of RIA members are poised to enhance claims management practices across the spectrum of general insurance. This partnership approach signals a proactive stance toward addressing current challenges faced in the industry, including frequent adverse weather incidents.
Lachlan Patch, a leader in property assessing and repair operations at RACQ Insurance, underscored the urgency of these partnerships, especially in light of the increasing severity of weather events. “With the increasing frequency of severe weather events, collaborations like this are essential to ensure the industry is well-prepared to meet the growing demand for restoration services,” he stated. This sentiment resonates with many in the sector who recognize the necessity for readiness against climate-related disruptions.
RIA, which boasts a foundation dating back to its establishment in the United States, claims to be the oldest and largest non-profit trade organization in the field of restoration. Since launching RIA Inc Australasia in 2019, the organization has focused on expanding its influence and operational support across the region.
This growing momentum among insurers to engage with a trade body dedicated to restoration services reflects a broader shift within the insurance industry. By fostering a collaborative environment, insurers like RACQ and Suncorp are advocating for more streamlined processes and better service provision in the face of climate change challenges.
As the restoration sector navigates through evolving demands, partnerships with dedicated associations like RIA Australasia are likely to play an instrumental role. The combination of technical knowledge, operational experience, and collective industry insights can only serve to enhance the overall resilience of restoration services moving forward.
This partnership development was originally reported by Insurance News Magazine, emphasizing the significance of these newly formed alliances in navigating the complexities of the restoration landscape.
Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.
Fresh insurance industry concern about underinsurance is especially relevant for Australian farmers as rebuilding and replacement costs remain stubbornly high. While the issue is often discussed in relation to houses, the same pressure applies across rural assets: sheds, fencing, pumps, tanks, grain storage, livestock yards, irrigation equipment and machinery can all cost significantly more to replace than they did when a policy was first arranged. - read more
Australia's general insurance sector has again put natural hazard resilience at the centre of the affordability debate, with fresh industry commentary warning that floods, bushfires, storms and cyclones are continuing to reshape how risk is priced. For farmers, this is not an abstract policy discussion. It goes directly to the cost and availability of farm insurance, particularly for properties with older buildings, exposed machinery, flood-prone access roads, boundary fencing, stored fodder or high-value livestock. - read more
Allianz Australia has refreshed its farm pack insurance, with the updated product announced on 20 July 2026. For farmers and rural property owners, the significance is less about one insurer changing a product and more about what it signals across the broader farm insurance market: insurers are trying to make cover easier to understand while adjusting policy features to better match modern farming operations. - read more
More Australian insurers are now recognising household bushfire resilience ratings, a development rural and regional property owners should watch closely as risk-based pricing becomes more visible across the insurance market. NAB and CommBank insurance brands have joined the program, alongside existing participants including NRMA Insurance and Suncorp, meaning a significant share of the home insurance market is now engaging with assessed bushfire mitigation. - read more
The Australian Competition and Consumer Commission's final monitoring report on the cyclone reinsurance pool has delivered a mixed message for rural and regional northern Australia. The pool appears to have helped ease some premium pressure for medium to high cyclone-risk areas, including reductions across home, strata and small business building and contents cover. For farm families and agribusinesses in cyclone-exposed regions, that is welcome news after years of rising costs and limited choice. - read more
Australia’s latest El Niño declaration has turned seasonal risk planning into an immediate priority for many rural and regional businesses. The Bureau of Meteorology confirmed El Niño conditions in mid-June, with forecasts indicating the tropical Pacific is likely to keep warming through the coming months and remain a factor until at least the end of the year. - read more
Farm equipment insurance is crucial for rural Australians who rely on their machinery for agricultural productivity. This insurance provides a safety net, helping to mitigate the financial risks associated with equipment loss or damage. - read more
Livestock insurance can help Australian farmers manage the financial impact of unexpected animal losses caused by events such as disease, accidental death, theft, transit incidents or extreme weather. The right policy settings depend on the type of livestock, the risks faced by the farm, how animals are valued and the exclusions that apply. - read more
Welcome to our comprehensive guide on navigating farm succession for rural Australian families. The journey of passing on a family farm from one generation to the next is both a critical and challenging milestone. Recognizing that every farm has its unique story and set of circumstances is fundamental to the process. - read more
As a farmer, you know that unexpected events can have a significant impact on your farm and your livelihood. Natural disasters, such as floods, fires, droughts, and storms, can occur at any time and have devastating consequences. That's why it's crucial to have a comprehensive disaster response plan in place to protect your property, assets, and, most importantly, your loved ones and livestock. - read more
Whether you're a seasoned farmer or just starting out, understanding farm insurance is crucial. It's more than just a safety net; it's a way to ensure that your farming business can withstand unforeseen challenges. By safeguarding your livelihood, farm insurance offers peace of mind amidst uncertainties. - read more
Farm property insurance can help protect the fixed assets on rural land, including farm buildings, sheds, fencing, tanks, yards and other infrastructure. This guide explains what may be covered, how values are usually reviewed and what details to check before comparing policy options. - read more
Need a Quote?
Start your free farm insurance quote comparison here.
Knowledgebase
Grace Period: A time period after the premium is due during which an insurance policy remains in force even if the premium has not yet been paid.
No comments yet. Be the first to share your thoughts.