Reinsurance News
Insurance Council of Australia
60,518 claims received from Christmas and New Year storms: ICA
15th January 2024
The Insurance Council of Australia (ICA) has reported that insurers have now received a total of 60,518 claims related to the Christmas and New Year storms which impacted Queensland, New South Wales and Victoria. Back in December, the ICA declared a ‘Significant Event’ for the aforementioned regions which were impacted ... Read the full article
ICA extends Catastrophe declaration to include New Year storms
3rd January 2024
The Insurance Council of Australia (ICA) has extended its Insurance Catastrophe declaration for the recent storms, rain and flooding to 3 January, underscoring the impact of severe weather across the east coast from Christmas through to the New Year. On December 27, the ICA declared a ‘Significant Event’ for regions ... Read the full article
ICA reports significant rise in claims for Australian Christmas storms
29th December 2023
Insurance companies have received 18,174 claims related to the recent storms across Queensland, New South Wales and Victoria, with the Insurance Council of Australia (ICA) highlighting escalating severity and threat of further extreme weather events over the coming days. Earlier this week, the ICA declared a ‘Significant Event’ for the ... Read the full article
ICA declares Christmas storms a ‘Significant Event’ for three states
27th December 2023
The Insurance Council of Australia (ICA) has declared a ‘Significant Event’ for regions of Queensland, New South Wales and Victoria impacted by severe storms between 23 December and Boxing Day. As per reports, the severe storms brought torrential rains which caused flash floods, large hailstones, and violent winds. Ten people have lost ... Read the full article
ICA declares ex-tropical cyclone Jasper an Insurance Catastrophe
21st December 2023
Responding to damage caused by ex-tropical cyclone Jasper, the Insurance Council of Australia (ICA) has declared the event an 'Insurance Catastrophe', noting that 3,800 claims have already been lodged across areas stretching from Cape York Peninsula to Mackay. The ICA explained that under this Catastrophe declaration, claims from affected policyholders are ... Read the full article
ICA declares “significant event” for Tropical Cyclone Jasper
18th December 2023
The Insurance Council of Australia (ICA) has declared a "significant event" for regions of Far North Queensland which have been impacted by severe weather and flooding over the past week, following Tropical Cyclone Jasper. The category 2 cyclone hit the Queensland coast north of Cairns on Wednesday night last week, before ... Read the full article
Growing protection gap in insurance threatens Australians’ financial security: Andrew Hall
28th November 2023
In a recent speech at the National Press Club, Insurance Council of Australia (ICA) CEO Andrew Hall warned of a widening "protection gap" in the insurance market, posing a significant threat to Australians' financial security. Hall highlighted the challenges posed by increasing natural disasters, urbanisation, and global megatrends that are reshaping ... Read the full article
Insurance Council of Australia appoints two new non-exec directors
18th May 2023
The Insurance Council of Australia (ICA) has appointed two new non-executive members to the Board, Zurich’s Justin Delaney and Ram Kangatharan from Auto & General. They have both started their new role as of May 16, 2023, and will complete a 12-month term. Delaney has served as Chief Executive Officer of Zurich ... Read the full article
ICA raises insured loss from 2022 Australia floods to $5.81bn
19th April 2023
The Insurance Council of Australia (ICA) has raised its estimate of insured losses from the devastating Eastern Australia floods that occurred over February and March in 2022 to AUD 5.81 billion, based on more than 240,000 claims lodged. This represents an increase of $160 million over the figure of $5.65 ... Read the full article
13,000 claims worth $196m lodged from November NSW floods: ICA
7th March 2023
More than 13,000 claims at an estimated value of $196 million have been lodged for flood damage in New South Wales since mid-November, 2022, says a report from the Insurance Council of Australia. On November 16, the ICA declared the floods a "Significant Event", with communities in Central West NSW, ... Read the full article
Insurance bill for Australian storms & floods reaches $12.3bn: ICA
30th November 2022
New data from the Insurance Council of Australia (ICA) suggests the insurance bill for storms and floods since January 2020 has reached $12.3 billion. According to the ICA, every eastern state has been impacted by flooding over the last three years, while South Australia and Western Australia have been hit by ... Read the full article
ICA declares New South Wales floods a ‘Significant Event’
16th November 2022
The Insurance Council of Australia has declared a 'Significant Event' for parts of Central West NSW impacted by the flooding that began on Saturday, 12 November. The ICA has also announced that its catastrophe processes have been activated, assisting the ICA and insurers to assess the insurance impact of the current ... Read the full article
Insurance Council of Australia launches insurer roadmap to net zero
9th November 2022
The Insurance Council of Australia has released a paper outlining the way insurers can achieve net zero emissions for their operations by 2030 and across the entirety of insurers’ activities by 2050. The roadmap, Towards a Net Zero and Resilient Future, was released on the 2nd of November, a week before ... Read the full article
Insurance Council of Australia appoints two new Board members
3rd November 2022
The Insurance Council of Australia (ICA) has appointed two new members to the ICA Board. Hugo Schreuder, Chief Executive Officer, Youi Pty Ltd, and Paul Sofronoff, Chief Insurance Officer, RACTI, will both join the Board December 5, 2022. Schreuder began his insurance career in South Africa in 2003 at OUTsurance and is ... Read the full article
Insurance Council of Australia welcomes $800mn NSW flood resilience package
31st October 2022
The Insurance Council of Australia (ICA) has welcomed the joint announcement by the Federal and New South Wales Governments of an $800 million Resilient Homes Program to make homes in the Northern Rivers more resilient to flood. The announcement is in response to the February-March floods from earlier this year, ... Read the full article
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