Company: Insurance Council of Australia Page 2 / 2
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- March 8 2024
Valentine’s Day storms’ cost estimate at US$69m, claims set to cross 20,000: ICA
85% of claims are related to home and contents damage caused by the heavy rainfall, flooding, and strong winds experienced across the region.
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- March 7 2024
Australia consults market on broadening standardised hazard terms beyond floods
The consultation paper highlighted a 50% jump in complaints regarding general insurance for delaying claims handling associated with major catastrophes in 2022-23.
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- March 4 2024
Insured losses from Australia summer cat events reach US$1bn: ICA
While damage from both Jasper and the Christmas and New Year storms was widespread across three states – Queensland, New South Wales and Victoria - the average claim cost was under A$10,000, lower than from similar events.
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- February 5 2024
ICA proposes waiving US$3.9bn state taxes to tame Australia’s flood risks
Chief executive Andrew Hall suggested abolishing insurance annual state taxes, which stand as the second-largest component of home premiums after pricing of flood risk.
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- January 31 2024
ICA calls for US$329m budget funding to boost resiliency against floods
Building on the 2022 schemes for NSW and Queensland, the new funding should be equally shared between federal and state budgets to move 750 families out of danger zones.
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- December 7 2023
Australia’s financial advice reform package to facilitate access to insurance: ICA
The recent changes, among them modernised best interests duty, will allow insurance customers receive advice directly from the carriers and be better informed which ICA sees as an important matter in the context of the growing protection gap.
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- November 27 2023
Over 85% of Australian carriers on track to achieve net-zero by 2050: ICA
An updated climate change roadmap provides goals and best practice guidelines to reduce greenhouse gas emissions for operations by the end of this decade and across the entire value chain by 2050.
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- October 31 2023
ICA accepts seven recommendations from post-flood review
Global consultancy Deloitte has highlighted several areas where insurers fell short of best practices while dealing with the February to March 2022 floods.
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- September 29 2023
ICA urges New South Wales to drop fire services levy after Tasmania axe
The NSW state levy is forecast to collect US$900m in revenue from insurance customers in FY 2023-24.
