The Insurance Council of Australia is the representative body for the general insurance industry of Australia.
What we do
General insurance has a critical role in the economy, insulating individuals and businesses from the financial impact of loss or damage to their insured assets.
Our work with our members, consumer groups and all levels of government serves to support consumers and communities when they need it most.
How we do it
We’re committed to shaping positive outcomes for our members, our people and our communities and we’re able to achieve this through:
- fair policy outcomes
- effective member engagement, and
- purposeful advocacy.
We're the voice of a resilient Australia
We believe an insurable Australia is a resilient Australia – and it’s our purpose to be the voice for a resilient Australia.
Our members represent approximately 95% of total premium income written by private sector general insurers, spanning both insurers and reinsurers. Our members provide insurance products ranging from those usually purchased by individuals, such as:
- home and contents insurance
- travel insurance
- motor vehicle insurance
To those purchased by small businesses and larger organisations, such as: product and public liability insurance
- professional indemnity insurance,
- commercial property, and
- directors and officers insurance.
The Australian Prudential Regulation Authority statistics1 from March 2021 show that the general insurance industry generates gross written premium of $53.9 billion per year and has total assets of $144.2 billion.
The industry employs approximately 60,000 people and on average pays out $166.2 million in claims each working day ($41.5 billion per year).
Over the 12 months to the end of March 2021 the industry’s net profit after tax (NPAT) was $1.1 billion - a 28.3% decrease from the prior year’s NPAT of $1.5 billion.