Reinsurance News
Insurance Council of Australia
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
Half of Australia’s Hobart storm claims paid as insured losses reach $100mn
21st August 2018
The Insurance Council of Australia (ICA) has announced that over half of the insurance claims relating to the flooding and storm that hit the Australian city of Hobart, Tasmania over May 10-11 have now been closed as the insurance bill nears AUD $100 million (USD $73 million). The $99.72 million figure ... Read the full article
Insurance Council of Australia backs $20mn cyclone-resilience project
31st July 2018
The Insurance Council of Australia (ICA) has lent its support to a AUD $20 million (USD $15 million) Household Resilience Program for homes in North Queensland’s cyclone belt, recently introduced by the region’s Palaszczuk Government. The program will provide funding for owners of homes built before 1984 to improve their safety ... Read the full article
AUD$38m fund bolsters Queensland’s resilience to natural disaster
24th May 2018
News of the Palaszczuk Government's AUD $38 million (USD $21 million) Disaster Resilience Fund has been hailed by the Insurance Council of Australia (ICA) as a significant step towards improving the resilience of Queensland’s communities to natural catastrophes. “Queensland is Australia’s most exposed state to extreme weather events. Each year the ... Read the full article
Insurance Council of Australia declares catastrophe following Hobart storm
11th May 2018
The Insurance Council of Australia (ICA) has declared a catastrophe following severe wind and flood damage from a storm that affected the city of Hobart, Tasmania over May 10-11, 2018. Record overnight rainfall brought flash-flooding to the capital of Australia’s island state, damaging property and sweeping away cars, while wind gusts ... Read the full article
Australia’s Tathra and Victoria bushfire losses reach $45mn as clean-up begins
23rd April 2018
The Insurance Council of Australia (ICA) has reported that re/insured losses from the Tathra and Victoria bushfires, which struck south-eastern Australia over the 17th and 18th of March 2018, have reached AUD $45 million (USD $35 million), with 1050 claims lodged as the clean-up begins. 65 homes were destroyed by the ... Read the full article
Australian re/insurers respond to weekend of disasters
19th March 2018
The Insurance Council of Australia (ICA) is working with emergency services and local governments in the Northern Territory and Victoria after the states were ravaged over the weekend by Tropical Cyclone Marcus and a series of bushfires. Category 2 Tropical Cyclone Marcus, which reached peak gusts of 130km/h on Saturday, caused ... Read the full article
The Insurance Council of Australia appoints three new directors to board
9th February 2018
The Board of the Insurance Council of Australia (ICA) has named Vivek Bhatia, the Chief Executive Officer (CEO) of Australian & New Zealand Operations of QBE Insurance, Richard Feledy, the Managing Director of Allianz Australia, and Sue Houghton the General Manager of Insurance BT Financial Group as new directors of ... Read the full article
Australia storms’ insured losses estimated at $105 million: ICA
21st December 2017
Insurance Council of Australia (ICA) has declared a fourth catastrophe for 2017 after storms struck parts of regional Victoria and metropolitan Melbourne on Tuesday causing significant property and vehicle damage with insured losses estimated at $105 million. ICA Chief Executive Officer (CEO) Rob Whelan, said insurers had received over 25,000 claims ... Read the full article
Australian government won’t intervene on cyclone re/insurance
19th December 2017
The Australian Turnbull Government has said that it "will not intervene directly in the insurance market" as a way to reduce insurance premiums in regions at high risk of impact from tropical cyclones, a Minister said yesterday. Under consideration had been the establishment of a mutual cyclone reinsurance company, backed by ... Read the full article
Cyclone Debbie payouts reach AU$1bn with 85%+ of claims now closed: ICA
6th November 2017
The Insurance Council of Australia (ICA) has revealed that more than 85% of claims from Cyclone Debbie have now closed, totalling AU$1 billion (roughly US$770mn). Data from the ICA shows that overall insurance losses from the event have now reached $1.565 billion (roughly US$1.2bn) from 72,767 claims, making Debbie the second-most ... Read the full article
ICA appoints Richard Enthoven as President and Chairman of the Board
3rd November 2017
The Board of the Insurance Council of Australia (ICA) has announced a two-year appointment of Richard Enthoven as President of the Insurance Council and Chairman of the Board. He was previously Deputy President, and served as Acting President last month following the departure of Anthony Day from Suncorp. Gary Dransfield, Chief Executive ... Read the full article
75% of Cyclone Debbie claims settled: ICA
29th September 2017
Six months after Cyclone Debbie struck the Queensland coast, 75% of claims lodged for the cyclone's insured losses, estimated to reach $1.47 billion, have been settled, according to the Insurance Council of Australia (ICA). ICA figures show households and businesses in Queensland and New South Wales lodged 68,848 Debbie-related claims, with ... Read the full article
Cyclone Debbie loss exceeds AUS$1.4bn, ICA calls for nat cat funding increase
11th August 2017
The insurance and reinsurance industry loss from the impact of Cyclone Debbie has now passed AUS$1.4 billion (US$1.1bn) from 66,000 claims, prompting the Senate Standing Committee on Economics to back the Insurance Council of Australia's (ICA) call for AUS$200 million (US$157mn) a year to be invested in natural disaster mitigation. The ... Read the full article
Insurance Council of Australia adds Lloyd’s & Zurich representatives to Board of Directors
8th May 2017
The Insurance Council of Australia (ICA) has announced that Chris Mackinnon, Lloyd's Australia Ltd's General Representative in Australia and Rajbir Nanra, Chief Executive Officer (CEO), General Insurance, Zurich Financial Services Australia Ltd, have joined the ICA Board of Directors. The new appointments takes the number of non-executive directors to 11, the ... Read the full article
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