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Insurance Council of Australia

Ongoing Extreme Weather Events Being Monitored

SE 251: North Queensland Floods

On 2 February, the Insurance Council declared a ‘significant event’ for regions of North Queensland impacted by severe storms and flooding.

The impact of flooding has been felt most significantly in communities in and around Townsville, Innisfail, Ingham, Gordonvale and Cardwell, however all regions impacted by flood in North Queensland and Far North Queensland since Wednesday 29 January fall under the significant event declaration.

An Insurance Hub was established on 5 February to assist policyholders on the ground in Townsville. 

As flood waters recede, roads reopen and the clean-up begins, insurers expect claims numbers to increase. In the short-term, claim numbers will be reported daily on the Insurance Council’s X page. 

Read more about Significant Events

September 2024: Insurance Catastrophe Resilience Report 2023-24

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About the report

The Insurance Council of Australia’s fourth annual Insurance Catastrophe Resilience Report, released 19 August 2024, uses insurer data and insights to review the last 12 months of extreme weather events and advocate for changes to lessen the impact of future events. 

With the report covering: 

  • Insurance Catastrophes and Significant Events in the past 12 months
  • New data and analysis on the economic impact of extreme weather on the Australian economy.
  • Our industry's most pressing issue - insurance affordability and availability - demonstrating a clear link between risks and costs.

The policy solutions required to improve community and household resilience to extreme weather, which include improved land use planning, stricter building codes, and ongoing investment in resilience.

2024 Insurance Catastrophe Resilience Report

Past Insurance Catastrophe Resilience Reports

The Insurance Council of Australia’s third annual Insurance Catastrophe Resilience Report, released on 13 September, uses insurer data and insights to review the last 12 months of extreme weather events and advocate for changes to lessen the impact of future events.

With the report covering: 

  • Insurance Catastrophes and Significant Events in the past 12 months
  • New data and analysis that ‘normalises’ the losses of past insurance catastrophes to account for inflation, changes in property numbers and values, and stricter building codes
  • Our industry’s most pressing issue – insurance affordability and availability – demonstrating a clear link between risks and costs.
  • Policy recommendations to make Australia more resilient in the face of worsening extreme weather. 

The cost of extreme weather

Released September 2022

The Insurance Council of Australia’s second annual Insurance Catastrophe Resilience Report highlights the impact of climate change on the availability and affordability of insurance due to worsening extreme weather.

The report uses insurer data and insights to review the last 12 months of extreme weather events and advocate for changes to lessen the impact of future events.

Insurance Catastrophe Resilience Report 2020-21

Released September 2021

The Insurance Council of Australia’s Insurance Catastrophe Resilience Report: 2020-2021 provides a data-driven overview across five events declared Insurance Catastrophes by the ICA between October 2020 and June 2021.

The report also provides an update on community recovery from the Black Summer and outlines six policy changes that insurers believe are necessary to improve the preparation for and response to future natural disasters.

What does an insurance catastrophe mean?

A ‘catastrophe declaration’ from the Insurance Council of Australia escalates and prioritises the insurance industry’s response to support policyholders affected by the natural disaster that triggered the declaration.

A catastrophe declaration means:

  1. Claims from affected policyholders are given priority by insurers.
  2. Claims will be triaged to direct urgent assistance to the worst-affected property owners.
  3. ICA disaster response specialists are mobilised to the affected location to work with government agencies, emergency services, local agencies and affected policyholders.
  4. Insurers mobilise their disaster response specialists to assist their affected customers with claims and assessments as soon as emergency services say it is safe to do so.
  5. An insurance industry taskforce is established to identify and address insurance related issues arising from the natural disaster
What is a Significant Event?

Catastrophes and significant events under management 

SE DECLARATIONS

Significant Events

Accounting for all significant events since 2021, including the most recent North Queensland Floods (SE 251).

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CATASTROPHE 232

Tropical Cyclone Jasper

Far North Queensland

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CATASTROPHE 233

Christmas & New Year Storms

Queensland, Victoria, New South Wales

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The voice for a resilient Australia

We are the representative body of the general insurance industry in Australia, shaping positive outcomes for our members, our people and the community.

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Acknowledgement of Country

We acknowledge the Traditional Owners on the many lands the people of the ICA reside and work. We respect and honour Aboriginal and Torres Strait Islanders Elders past, present, and emerging.
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