Reinsurance News
Insurance Council of Australia
Insurance claims at $50mn as bushfire threat continues: ICA
13th November 2019
Insured losses from the bushfires currently burning through New South Wales (NSW) and Queensland are currently estimated to be around AU $50 million (US $34 million), according to the Insurance Council of Australia (ICA). The ICA reported that insurers had received 450 bushfire related claims from the regions so far, with ... Read the full article
Suncorp chief Dransfield appointed ICA president
31st October 2019
Gary Dransfield, the Chief Executive Officer of primary insurer Suncorp, has been appointed president of the Insurance Council of Australia and chairman of the board. The decision to appoint Dransfield to the role was made during a board meeting held in Sydney. He succeeds Richard Enthoven in the position. ICA CEO Rob ... Read the full article
No area of Australia should become uninsurable, says ICA
25th October 2019
No area of Australia should be uninsurable, the Insurance Council of Australia (ICA) has argued, provided governments invest appropriately in permanent mitigation and resilience measures. The ICA rejected the notion that climate change will ultimately prevent some Australians from being able to secure adequate coverage. With extreme weather events such as cyclones, ... Read the full article
Insurance Council of Australia declares catastrophe for Rappville bushfires
10th October 2019
The Insurance Council of Australia (ICA) has announced a bushfire catastrophe declaration for the area around the northern New South Wales (NSW) community of Rappville and fires in the Busby Flat and Drake areas. This is the ICA's second bushfire catastrophe declaration in five weeks for properties either damaged or destroyed ... Read the full article
Australian re/insurers endorse call for investment in disaster mitigation
25th September 2019
The Insurance Council of Australia (ICA) has lent its weight to a call for more investment in natural disaster mitigation, made recently by the Australian Prudential Regulation Authority (APRA). The regulator believes that more funding in this area will improve the affordability and availability of general insurance in Northern Australia. “The ICA ... 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
Insurance Council of Australia raises Sydney hail loss estimate to AUD $1.27bn
18th April 2019
The Insurance Council of Australia (ICA) has increased its insured loss estimate to AUD $1.271 billion (USD $910 million) for the hailstorm that affected Sydney and New South Wales in December 2018. Almost 50% of the 136,424 insurance claims received after the hailstorm have already been resolved, according to the ICA. The ... Read the full article
Government’s nat cat funding should target prevention over response: ICA
4th April 2019
The Insurance Council of Australia (ICA) has expressed its frustration at the lack of preventative measures the country's government has adopted to tackle the economical and societal impacts of natural catastrophe events. In the aftermath of severe flooding in the Townsville and Queensland areas of Australia, which resulted in billions of ... Read the full article
Summer cats drive AUD 2.2 billion+ insurance industry loss: ICA
26th March 2019
The insurance industry loss from three summer catastrophe events in Australia has now passed AUD 2.2 billion, according to the latest data from the Insurance Council of Australia (ICA). According to the latest figures, more than 25,770 claims have now been received after severe monsoon conditions in February led to inundation Read the full article
ICA Townsville industry loss estimate exceeds AU$1bn
20th March 2019
The Insurance Council of Australia’s updated industry loss estimate for the flooding in Townsville, Queensland has hit AU$1.04 billion (US$737.4 million), an increase of AU$434 million from a month ago. ICA Chief Executive Officer Rob Whelan said insurers have so far received 25,778 claims, with around 90% of those consisting of ... Read the full article
ICA estimates current industry Townsville losses at $606mn
15th February 2019
The Insurance Council of Australia (ICA) has recorded 15,571 insurance claims from the flooding in Townsville, Queensland so far, with current industry losses estimated to be around AUD $606 million (US $429 million). Rob Whelan, Chief Executive Officer (CEO) of the ICA, today briefed the Queensland Deputy Premier on the re/insurance ... Read the full article
Townsville flooding claims rise again, cost now estimated at AUD 165mn: ICA
11th February 2019
Insurance companies have now received 13,560 claims, amounting to losses of an estimated AUD 165 million (USD 117mn), in relation to the torrential rainfall and flooding in the City of Townsville, Queensland, according to data from the Insurance Council of Australia (ICA). The latest figures are as of 10am local time, and the ... Read the full article
Cost of rising Townsville insurance claims now estimated at AUD 147mn
8th February 2019
Widespread torrential rainfall and flooding in the City of Townsville, Queensland, Australia, has so far resulted in 11,800 insurance claims, amounting to roughly AUD 147 million in losses, according to local media reports citing the Insurance Council of Australia (ICA). The ICA declared the event a catastrophe earlier this week, after the coastal ... Read the full article
Australia’s Townsville flooding declared catastrophe by insurance council
4th February 2019
The Insurance Council of Australia (ICA) has declared a catastrophe for insurance policyholders in the city of Townsville, Queensland, which has experienced torrential rainfall and flooding over the past week. Officials said that up to 20,000 homes are at risk of flooding after the coastal area received more than a metre ... Read the full article
Australian insurance industry transitions to new consumer dispute body
1st November 2018
The Australian insurance industry has formally completed its transition from the Financial Ombudsman Service (FOS) to the new Australian Financial Complaints Authority (AFCA), which will now handle external dispute resolution. “The industry believes the establishment of AFCA from the mergers of FOS, the Superannuation Complaints Tribunal and the Credit and Investments ... Read the full article
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