Reinsurance News
Insurance Council of Australia
Australian flooding costliest on record – ICA
3rd May 2022
The flooding that hit south-east Queensland and the coast of New South Wales earlier this year is the costliest ever, according to new figures from the Insurance Council of Australia (ICA). The ICA said that the event is now estimated to have cost $3.35bn in insured losses over nearly 200,000 claims. ... Read the full article
Australian Gov. rejects resilience funding contribution
6th April 2022
The Insurance Council of Australia (ICA) has expressed its disappointment in the Federal Government’s decision to not contribute to the Queensland Government’s extreme weather resilience package. Last month, the ICA praised the Queensland Government’s announcement of a $741 million Resilient Residential Recovery package to better protect Queenslanders from the impacts of ... Read the full article
Reinsurers likely to bear the brunt of Australia flood claims: AM Best
4th April 2022
According to rating agency AM Best, the majority of gross losses from the recent flooding in Australia likely will be felt by the reinsurance industry, as figures from the Insurance Council of Australia (ICA) put insured losses so far in excess of AUD 2.5 billion, which is likely to rise. The ... Read the full article
Australia passes cyclone reinsurance pool legislation
30th March 2022
Australia has passed legislation to enable the establishment of a reinsurance pool for cyclone and cyclone-related flood for homes, strata corporations and small businesses, in a move welcomed by the Insurance Council of Australia (ICA). The ICA says it is now incumbent upon the Australian Reinsurance Pool Corporation (ARPC) to release ... 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 monitoring severe weather warnings
29th March 2022
The Insurance Council of Australia (ICA) has said that it is closely monitoring the severe weather and flood warnings currently in place across south-east Queensland and New South Wales, and that at least 14 recovery centres, including Lismore and Mullumbimby, have closed in the past 24-hours to ensure the safety ... Read the full article
ICA reports slowdown in number of claims made due to Australian flooding
21st March 2022
Australian insurers have received 153,769 claims related to the flooding in the country’s Queensland and New South Wales areas, a number that the Insurance Council of Australia (ICA) has said has increased by 2% since Friday. The ICA also said that the current estimated cost of claims is now $2.307bn. The ... Read the full article
ICA welcomes $150mn Australian flood fund, as industry loss nears $2.3bn
18th March 2022
The Insurance Council of Australia (ICA) have announced that they have welcomed the Federal Government’s decision to draw down on its Emergency Response Fund, which will see $150 million being injected for communities devastated by the recent floods. Both the Queensland and New South Wales governments will receive $75 million each, ... Read the full article
Australia’s Suncorp reports more than 34,000 claims from flooding
16th March 2022
Australian insurer Suncorp says it has received over 34,000 claims relating to the recent flooding in the Queensland and New South Wales areas. The firm said that four out of five claims related to home damage from the disaster, which it is now counting as four ‘separate natural hazard events’. Suncorp ... 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
Insured losses from Australia floods now above $2bn, says ICA
14th March 2022
Insurers in Australia have now received more than 135,000 claims related to the severe flooding in Southeast Queensland and New South Wales, taking the insurance and reinsurance industry loss estimate above the $2 billion mark. The latest figures from the Insurance Council of Australia (ICA) show an increase in total ... Read the full article
Australia flood costs creep higher, $2bn+ bill expected
11th 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 continued to creep higher, with industry losses now estimated at $1.89 billion. According to ICA data, the number of insurance claims linked to the floods rose ... Read the full article
Australia flood costs rise again, to $1.77bn
10th March 2022
The costs from flooding in Australia’s Queensland and New South Wales areas have risen to an estimated $1.77bn, according to the Insurance Council of Australia (ICA). The ICA, which has been releasing regular updates on figures, said that the costs originally estimated at $900m were still rising, with the larger ... Read the full article
MP’s call for Australia’s cyclone reinsurance scheme to cover fires and floods
10th March 2022
The Guardian Australia has reported that state and federal MPs representing flood-affected communities in Australia have called for the planned commonwealth cyclone reinsurance scheme to be expanded to cover other natural disasters. According to the Insurance Council of Australia, the estimated current cost of claims is now just over $1 ... Read the full article
Australian flood costs reach $1.62bn
9th March 2022
The current estimated costs from the flooding in Australia’s Queensland and New South Wales areas are now up to $1.62bn, according to the Insurance Council of Australia (ICA). According to the ICA, insurers have now received 107,844 claims, with overall loss now up from an initial estimate of $900m. Read the full article
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