Reinsurance News
Insurance Council of Australia
Suncorp CEO among ICA board arrivals
20th August 2021
The Insurance Council of Australia (ICA) has appointed Steve Johnston, group Chief Executive Officer and Managing Director of Suncorp Group, to its board. Tim Plant, meanwhile, has stepped down from the board and as ICA Deputy President following his recent resignation from Zurich Financial Services Australia. The casual board vacancy is expected ... Read the full article
ICA urges small businesses to claim against BI cover
29th June 2021
The Insurance Council of Australia (ICA) is urging small businesses to submit a claim against their business interruption (BI) cover through their broker or insurer if they believe their policy responds. This call follows the High Court’s recent decision to not allow an application to appeal the judgment of the NSW ... Read the full article
ICA denied special leave to appeal COVID-19 BI ruling
25th June 2021
The Insurance Council of Australia (ICA) has acknowledged the High Court’s decision to deny special leave to appeal the NSW Court of Appeal’s judgment regarding its interpretation of pandemic exclusions in some business interruption policies. Its decision to contest the ruling that landed in favour of Covid-19-impacted businesses was first ... Read the full article
ICA says Victoria flood costs at $144mn as claims hit 15,700
18th June 2021
The Insurance Council of Australia (ICA) says that insurers have so far received more than 15,700 claims from the recent severe weather affecting regions across metropolitan and regional Victoria, with more claims expected to be lodged over the coming days and weeks. The estimated cost is thought to be around $144 ... Read the full article
Victoria region storms and flooding declared a catastrophe: ICA
14th June 2021
The Insurance Council of Australia (ICA) has declared the significant storms and flooding that impacted the state of Victoria over the weekend as a catastrophe event. From June 10th, 2021 regions of Victoria were heavily impacted by a series of significant storms and flooding. According to the ICA, the impact of flooding ... Read the full article
ICA welcomes $517mn Victorian bushfire funding
21st May 2021
The Insurance Council of Australia (ICA) has approved of the Victorian Government’s Budget announcement of $517 million which will be allocated across several bushfire risk reduction projects. However, ICA noted that the projected growth in taxes on insurance were unsustainable and meant that the public would continue to be underinsured or ... Read the full article
ICA welcomes new National Recovery and Resilience Agency
12th May 2021
The Insurance Council of Australia (ICA) has welcomed the Federal Government’s decision to dedicate $600 million for new disaster preparation and mitigation programs as part of the establishment of the new National Recovery and Resilience Agency (NRRA). The establishment of the NRRA will bring a national focus to building infrastructure, homes ... Read the full article
ICA adds three to board of directors
10th May 2021
The Insurance Council of Australia (ICA) has appointed three new members to its board of directors, ensuring the industry is well-placed to respond to and drive the many strategic challenges and opportunities. Nicholas Hawkins, Managing Director and CEO at IAG has been appointed, along with Scott Hawkins, Managing Director, Munich Holdings ... Read the full article
Australia to launch $10bn cyclone reinsurance pool
4th May 2021
Australia's Federal Government has announced the establishment of a $10 billion reinsurance pool to underwrite cover for cyclone and cyclone-related flood for privately-owned homes, strata corporations and small businesses. The scheme will also see the government invest $40 million in making older strata buildings more resilient to extreme weather events. More than ... Read the full article
ICA declares tropical cyclone Seroj an insurance catastrophe
14th April 2021
The Insurance Council of Australia (ICA) has officially declared Tropical Cyclone Seroj an insurance catastrophe. Seroj impacted parts of Western Australia after making landfall late Sunday April 11. The ICA says the coastal town of Kalbarri took the brunt of the tropical cyclone, as did the community of Northampton. The ICA’s Catastrophe declaration ... Read the full article
Suncorp estimates current flood loss at $250m as ICA sees claims rise
31st March 2021
Australian insurer Suncorp has announced an expected losses of between $230 million and $250 million from the recent heavy rainfall and flooding across New South Wales, South East Queensland and Victoria. Concurrently, the Insurance Council of Australia has raised its estimate from the $438 announced earlier this week to $497 ... Read the full article
Australia flood claims estimated at $254m as crisis extends to Queensland
24th March 2021
In its latest update, the Insurance Council of Australia (ICA) says it has recorded more than 17,000 claims from the severe flooding that began in New South Wales (NSW) earlier this week, with losses currently estimated at AU $254.2 million (US $193.49 million). Notably, 15% of claims are now coming out ... Read the full article
ICA registers 11,700 claims from NSW floods
23rd March 2021
Data from the Insurance Council of Australia (ICA) shows that, so far, policyholders have lodged 11,700 insurance claims associated with the devastating storms and flooding in New South Wales (NSW). The ICA noted that further claims have been lodged since those numbers were collected this morning and more are expected in ... Read the full article
ICA declares catastrophe as NSW overwhelmed by floods
22nd March 2021
The Insurance Council of Australia (ICA) says it is working with the New South Wales Government to understand the severe weather and flooding currently impacting large parts of the region, particularly around the Mid-North Coast and Hawkesbury-Nepean. The ICA has also declared a catastrophe for large parts of NSW, following the ... Read the full article
Second BI test case to take place in Australia: ICA
25th February 2021
The Insurance Council of Australia has announced that the Federal Court of Australia has made the decision to test the application of further issues in relation to business interruption policies throughout the COVID-19 pandemic. This second test case follows the initial test case heard in the NSW Court of Appeal ... Read the full article
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