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ICA
ICA expands cat declaration for severe storm and hail events in Qld & NSW
28th November 2025
The Insurance Council of Australia (ICA) has expanded the catastrophe declaration for the severe storm and hail events that struck Queensland and New South Wales over the past week, extending it to all postcodes in both states for the period 20–27 November 2025. According to the ICA, the expanded declaration reflects ... Read the full article
Extreme weather costs in Australia in 2025 hit AUD 1.5bn: ICA
12th May 2025
According to new data released by the Insurance Council of Australia (ICA), the February North Queensland floods and ex-Tropical Cyclone Alfred in March have so far caused insured losses of almost AUD 1.5 billion. The ICA has clarified that these two events are being prioritised by insurers as they have resulted ... Read the full article
Ex-Tropical Cyclone Alfred not as significant as first feared, claims reach 60k+
17th March 2025
The Insurance Council of Australia’s (ICA) claims data indicates that ex-Tropical Cyclone Alfred is not as significant as initially feared across the majority of the impacted zones, according to Kylie Macfarlane, Deputy CEO at ICA. Insurers have now received more than 63,600 claims related to the event. An additional 10,000 claims ... Read the full article
ICA calls for overhaul of cyber policy settings
30th March 2022
The Insurance Council of Australia (ICA) has argued that Australian businesses, insurers and government must work together to establish the settings for a sustainable cyber insurance market to underpin economic growth into the future. In a new report, the ICA highlights challenges to maintaining and developing a cyber insurance market to ... Read the full article
ICA says flood costs at $2.11b, Cyclone Seroja at $346.7m
15th March 2022
The latest reports from the Insurance Council of Australia (ICA) suggest that insured costs from flooding in Australia’s Queensland and New South Wales areas have risen further, with industry losses now estimated at $2.11 billion. At the same time, the ICA has released an industry loss estimate of $346.7 million for ... Read the full article
ICA calls for increased funding to buttress Australian homes against extreme weather
23rd February 2022
The Insurance Council of Australia (ICA) has said that homes could be made more resilient if federal funding was doubled to AUS $200m a year and matched by the states and territories. Released in its policy platform for the forthcoming federal elections, the ICA’s Building a More Resilient Australia advocates an ... Read the full article
ICA calls for AU$30bn investment to meet rising coastal threat
19th November 2021
A new report released today by the Insurance Council of Australia (ICA) estimates that the country's governments will need to invest $30 billion in large scale coastal protection and adaptation projects over the next 50 years, in order to mitigate the effects of climate change. With cover for actions of the ... Read the full article
Victoria region storms and flooding declared a catastrophe: ICA
14th June 2021
The Insurance Council of Australia (ICA) has declared the significant storms and flooding that impacted the state of Victoria over the weekend as a catastrophe event. From June 10th, 2021 regions of Victoria were heavily impacted by a series of significant storms and flooding. According to the ICA, the impact of flooding ... Read the full article
Insurance Council of Australia declares COVID-19 a catastrophe
13th March 2020
The Insurance Council of Australia (ICA) has officially declared the coronavirus (COVID-19) outbreak to be an ‘insurance catastrophe,’ following its designation as a pandemic by the World Health Organisation. The ICA noted that the extent of claims and losses related to the COVID-19 spread remain unknown at this point, but said ... Read the full article
ICA puts Australian bushfire losses at A$1.34bn, expects sharp increase
14th January 2020
The Insurance Council of Australia (ICA) has revealed that insurers have now received 13,750 bushfire catastrophe-related claims since November 8th, with industry losses estimated at AUD 1.34 billion (approximately USD 925 million). The ICA has warned that it is anticipating a further "sharp increase" in claims this week after commercial claims ... Read the full article
Insured losses from Australian bushfires rise again to USD 485 million
7th January 2020
The insurance industry losses from the ongoing bushfires ravaging parts of Australia continue to rise, with the Insurance Council of Australia (ICA) now putting the total at USD 485 million (AUD 700 million). The latest figure, which is up by more than 60% on the USD 300 million (AUD 431 million) ... Read the full article
ICA increases Townsville flood loss estimate to AU $1.24 billion
2nd August 2019
The Insurance Council of Australia (ICA) has increased its estimates for insured losses resulting from the Townsville floods in February, putting the latest figure at AU $1.243 billion (US $844.2 million). This represents a 19.5% increase from the AU $1.04 billion estimate released by the ICA in March, a number ... Read the full article
Flood claims to spike as Townsville residents return home: ICA
5th February 2019
The Insurance Council of Australia (ICA) is anticipating a significant increase in insurance claims as policyholders start returning to their homes after a catastrophe was declared in the city of Townsville, Queensland due to torrential rainfall and flooding. Townsville was hit with more than a metre of rain in just a ... Read the full article
Australian insurers propose new measures to support drought-affected farmers
29th October 2018
The Insurance Council of Australia (ICA) has lent its support to a series of proposals designed to improve the uptake of farm income and crop insurance for primary producers in Australia. Rob Whelan, Chief Executive Officer of the ICA, said that access to better data, removing unfair taxes, and introducing incentives ... Read the full article
Reinsurers to pick up Cyclone Debbie bill
31st March 2017
Reinsurance is likely to pick up the majority of cyclone Debbie claims which are thought likely to be around the cyclone Yasi level of AU$1.4 billion after heavy winds and torrential rains devastated the northern Queensland coastline causing the worst floods the region has seen in 50 years. As those affected ... Read the full article
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