Reinsurance News
Insurance Council of Australia
ICA declares NSW floods ‘Insurance Catastrophe’ as claims received nears 5,000
27th May 2025
The Insurance Council of Australia (ICA) has upgraded the Mid North Coast and Hunter flooding event classification to an "Insurance Catastrophe" due to updated feedback on ground information about local event severity. So far, insurers have received 4,900 claims from the event, which has seen flooding in the Mid North Coast ... Read the full article
Reinsurers to remain disciplined at mid-year despite severe NSW floods: BofA
23rd May 2025
The severe flooding across the Mid North Coast and Hunter regions of New South Wales (NSW) is not expected to derail the strong FY25 outlook, with reinsurers likely to remain disciplined at mid-year renewals, according to analysts at BofA Securities. On 21st May, 2025, the Insurance Council of Australia (ICA) declared ... 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
Insurance losses from Cyclone Alfred & North QLD floods reach AU $1.2bn
2nd April 2025
The Insurance Council of Australia (ICA) has reported that insurance losses from ex-Tropical Cyclone Alfred and the North Queensland floods in February have now surpassed AU$ 1.2 billion. According to the ICA, insurers have received over 95,000 claims totalling nearly $1 billion for damage caused by ex-Tropical Cyclone Alfred, along with ... 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
Ex-Cyclone Alfred losses likely to exceed hundreds of millions as claims top 50k
14th March 2025
With claims for ex-Tropical Cyclone Alfred reaching 53,182, Aon has suggested that economic and insured loss impacts will likely exceed hundreds of millions of AUD. Cyclone Alfred made landfall near Brisbane at around 23:30 AEST on March 7, generating high winds, flooding, and storm surge that caused significant damage. The seventh named ... Read the full article
Ex-Tropical Cyclone Alfred claims hit 44,000+ as recovery process continues
13th March 2025
The Insurance Council of Australia (ICA) has suggested that insurers have received more than 44,000 claims following ex-Tropical Cyclone Alfred. Just yesterday, the ICA reported that insurers had received over 34,000 claims across Southeast Queensland and Northern New South Wales related to ex-Tropical Cyclone Alfred, an increase from 22,000 ... Read the full article
Ex-Tropical Cyclone Alfred claims swell to over 34,000: ICA
12th March 2025
According to the Insurance Council of Australia (ICA), insurers have now received over 34,000 claims across southeast Queensland and northern New South Wales related to ex-Tropical Cyclone Alfred, a more than 50% increase in just 24 hours. Yesterday, the ICA reported that insurers had received over 22,000 claims from policyholders, ... Read the full article
Cyclone Alfred losses to at least be hundreds of millions AUD, says Aon
11th March 2025
Global insurance and reinsurance broker Aon has estimated that Cyclone Alfred's economic and insured loss impacts will reach at least into the hundreds of millions of AUD, although has stressed that it's too early to determine the ultimate financial impact and its implications on the local re/insurance market. On March 9th, ... Read the full article
Insurers receive over 22,000 claims following ex-Tropical Cyclone Alfred: ICA
11th March 2025
The Insurance Council of Australia (ICA) has revealed that insurers have received more than 22,000 insurance claims from policyholders across southeast Queensland and northern New South Wales following ex-Tropical Cyclone Alfred. Of the total claims lodged, 20,460 are in Home, 1,182 are for Motor, and 758 are for Commercial. The ICA observed ... Read the full article
9,000+ claims lodged in QLD & NSW from ex-Tropical Cyclone Alfred: ICA
11th March 2025
A new update from the Insurance Council of Australia (ICA) has revealed that policyholders have lodged over 9,000 insurance claims related to ex-Tropical Cyclone Alfred in southeast Queensland and New South Wales. The ICA recently declared an Insurance Catastrophe for the affected regions in southeast Queensland and northern New South Wales, ... Read the full article
ICA declares North Queensland floods a ‘significant event’
3rd February 2025
The Insurance Council of Australia (ICA) has declared the floods impacting regions of North Queensland since January 29, a ‘significant event’. The flooding has forced thousands to evacuate, cut power to homes, and washed away sections of a major highway. The hardest-hit areas include Townsville, Innisfail, Ingham, Gordonvale, and Cardwell. Authorities warn ... Read the full article
ICA says 2022 floods caused $7.7bn in incurred losses as it welcomes gov recommendations
18th October 2024
Andrew Hall, Chief Executive Officer of The Insurance Council of Australia (ICA), disclosed that four unprecedented flood events across 2022 saw more than 305,000 claims and $7.7 billion in incurred losses, including $6.3 billion from just one event. The ICA welcomed the House of Representatives Standing Committee on Economics’ report following ... Read the full article
ICA Board names Suncorp’s CEO Steve Johnston as Chair
17th September 2024
The Insurance Council of Australia (ICA) has appointed Steve Johnston, Suncorp's Chief Executive Officer and Managing Director, as Chair of the ICA Board, effective January 1st, 2025. Johnston joined the ICA Board as a Director in August 2021, and succeeds Nick Hawkins, IAG Managing Director and CEO, who has served as ... Read the full article
Insurers incurred $2.19bn in claims from extreme weather in 2023-24: ICA
27th August 2024
Insurance Council of Australia’s “Insurance Catastrophe Resilience Report 2023-24”, disclosed that insurers incurred AUD 2.19 billion in claims from declared extreme weather events this year, in line with the previous 12 months. In monetary terms, over the last 30 years insurers paid an average of AUD 2.1 billion per year to ... Read the full article
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