Reinsurance News
Insurance Council of Australia
Australian flood costs reach $1.45bn
8th March 2022
The current cost for the floods in South-East Queensland and New South Wales has reached $1.45bn, according to the Insurance Council of Australia (ICA). This latest release from the ICA means that the cost of the floods has risen from an initial estimate of $900m, to $1.3bn, to this ... Read the full article
Australian flood claims rise again to $1.3bn
7th March 2022
Insurers have received over 86,000 claims related to the floods in south-east Queensland and New South Wales, says the Insurance Council of Australia (ICA). The ICA says that most claims (72%) comes from Queensland, and that 83% of the total claims are for domestic property, with the remainder being motor vehicle. The ... Read the full article
Estimated total flood claims reach AUD$1bn: ICA
4th March 2022
The Insurance Council of Australia (ICA) has reported that insurers have received 67,537 claims related to the ongoing flooding in South-East Queensland and New South Wales, a 12% increase from yesterday’s claims count, indicating that the rate at which claims are coming in is slowing. 76% of those claims were from ... Read the full article
Australian flood claims rise again as ICA provides $900m insured loss estimate
3rd March 2022
Claims from the ongoing flooding in Southeast Queensland and New South Wales have increased by a further 25% on yesterday's count to 60,163, resulting in estimated cost of approximately $900 million, according to the Insurance Council of Australia (ICA). Of the total, 46,235 claims are from Queensland and 13,928 are from ... Read the full article
Australian flood claims continue to rise, says ICA
2nd March 2022
The Insurance Council of Australia (ICA) has reported that 48,220 claims have been made related to the flooding in South-East Queensland and the New South Wales coast, this is a 53% increase on yesterday’s claims count and demonstrates the significant impact of this event. 37,807 of these claims are from Queensland, ... Read the full article
Australia floods trigger insurance catastrophe declaration
28th February 2022
Severe weather and flooding has resulted in the Insurance Council of Australia (ICA) declaring an insurance catastrophe for Southeast Queensland, as well as areas of New South Wales and the Mid-North Coast region. The catastrophic conditions have now been ongoing since February 21st, with record flood levels recorded in the Mary ... Read the full article
ICA calls for increased funding to buttress Australian homes against extreme weather
23rd February 2022
The Insurance Council of Australia (ICA) has said that homes could be made more resilient if federal funding was doubled to AUS $200m a year and matched by the states and territories. Released in its policy platform for the forthcoming federal elections, the ICA’s Building a More Resilient Australia advocates an ... Read the full article
ICA welcomes Federal Court’s BI judgment
21st February 2022
The Insurance Council of Australia (ICA) has welcomed the Federal Court of Australia’s ruling in the appeals in the second business interruption test case, although appeals were filed in respect of five of the ten test case matters. The ruling substantially upheld the earlier Federal Court judgment delivered in October 2021. ... Read the full article
Australia finalises cyclone reinsurance pool details
7th February 2022
Australia’s government has finalised the design of the reinsurance pool for cyclone and related flood damage. According to a statement from the Australian government, over 880,000 residential, strata, and small business property insurance policies in northern Australia are expected to be eligible to be covered by the reinsurance pool. The pool is ... Read the full article
IAG’s Nick Hawkins named President of ICA
16th December 2021
The Board of the Insurance Council of Australia (ICA) has appointed IAG Managing Director and CEO Nick Hawkins to the position of President. QBE Australia Pacific CEO Sue Houghton will complete her term as President at the end of the year and remain on the Board, with Hawkins to commence as ... Read the full article
Australian houses are not resilient to tropical cyclones: ICA
13th December 2021
A new report from the Insurance Council of Australia (ICA) has found that Australia’s houses are not resilient to tropical cyclone hazards, which are expected to become more severe as the climate changes. ICA's report outlines the changes required to building codes and construction standards to improve the cyclone resilience of ... Read the full article
Australian Gov releases draft legislation on $10bn cyclone reinsurance pool
3rd December 2021
Draft legislation designed to establish a reinsurance pool for cyclone and cyclone-related flood for privately-owned homes, strata corporations and small businesses insurance policies in Australia, has been welcomed by insurers in the country. Australia’s Federal Government announced in May the establishment of a $10 billion reinsurance pool, and since then ... Read the full article
ICA declares Insurance Catastrophe for parts of South Australia
1st November 2021
The Insurance Council of Australia (ICA) has declared an Insurance Catastrophe for parts of South Australia impacted by significant hail, rain and strong winds last week. The catastrophe declaration was also extended to cover areas of Victoria and Tasmania affected by the same storm cell late last week. Insurers have received almost ... Read the full article
ICA confirms 90% of Halloween Hailstorm claims have been closed
28th October 2021
The Insurance Council of Australia (ICA) has released figures showing that almost 90% of Halloween Hailstorm insurance claims have now been closed. A year ago next Sunday a devastating storm resulted in more than $1 billion in claims, 88% of which have now been resolved. More than 44,000 claims for storm and ... Read the full article
Cyclone Seroj claims rise to A$281m: ICA
1st September 2021
The Insurance Council of Australia (ICA) has announced that, along with insurers, it will meet with policyholders requiring assistance with their claims for property damage caused by Victoria’s recent exposure to destructive weather events. Claims managers and assessors will travel to the worst hit towns over four days to meet with ... Read the full article
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