Tuesday, 12 March 2024

The Insurance Council of Australia (ICA) and insurers are holding a second round of community consultations in south-east Queensland next week to provide ongoing support for customers affected by the Christmas and New Year storms. 

Since the storm, insurers and the ICA have been at recovery centres actively supporting customers impacted by the severe storms that hit a large part of the region from 23 December 2023 to 3 January 2024. 

The consultations will take place in Jimboomba, Upper Coomera and Tamborine between 19 and 21 March and follow events held in January. 

Last week the ICA released new data that shows the impact of the storm, with 18,000 new claims lodged in the past month. Insured losses for the Christmas and New Year storms have reach $968 million from nearly 90,000 claims. 

The insurer-run consultations are part of the normal catastrophe declaration process and gives customers the opportunity to hear more about the claims process generally as well as speak with their insurer directly about their claim. 

Event details below: 

• JIMBOOMBA - Tuesday 19th March, 8.30am - 5pm
  Jimboomba Community and District Hall
• UPPER COOMERA - Wednesday 20th March, 9am - 6pm
  The Well Community Centre
• TAMBORINE - Thursday 21st March, 7.30am - 3pm
  Vonda Youngman Centre

Bookings are now available and policyholders are encouraged to book an appointment at www.insurancecouncil.com.au/bookings 

The ICA encourages impacted policyholders to contact their insurer at any stage if they have questions or require an update on the claims process. 

Quote attributable to ICA CEO Andrew Hall: 

The number of claims from this event have continued to climb, highlighting the significant impact this storm had on households and businesses in south-east Queensland.  

Insurers remain committed to assisting impacted customers to get back into their homes safely and as quickly as possible, which is why providing guidance and support on the claims process at these in-person events is so important. 

We know that 28 per cent of claims have already been closed, which shows that insurers are actively working with local authorities, builders, suppliers, and engineers to expedite repairs to get communities back on their feet. 

Monday, 11 March 2024

The Insurance Council of Australia (ICA) today welcomes the announcement by the Federal Government that it will introduce a financial sector regulatory initiatives grid.

This initiative, modelled after the successful approach taken by the UK’s Financial Services Regulatory Initiatives Forum, will provide a clear and transparent roadmap for upcoming regulatory changes and reduce the compliance burden on industry.

The ICA noted the benefits of the UK approach in its Building a More Resilient Australia report in 2022, including that a financial sector regulatory grid would lead to greater efficiency, consistency and clarity for policymakers, regulators, and insurers.

The initiative would also benefit consumers by targeting policy and regulatory resources towards clearly defined areas of consumer and economic benefit.

Quote attributable to ICA CEO Andrew Hall:

The ICA strongly supports the introduction of a regulatory initiatives grid, as announced by Treasurer Jim Chalmers today.

This will provide much-needed predictability for the insurance industry, particularly as we navigate an increasingly volatile business environment and the impacts of extreme weather events.

We look forward to engaging constructively with the Treasury as they develop the grid.

Friday, 8 March 2024

The Insurance Council of Australia (ICA) has today released new data revealing the impact and cost of the severe thunderstorms that impacted Victoria on Valentine’s Day.

Claims for the storm have risen to 19,932.

Around 85 per cent of claims are related to home and contents damage, reflecting the heavy rainfall, flooding, and strong winds experienced across the region.

The estimated cost of the storm has reached $104 million.

Around 9,170 claims for damaged contents totalling $10 million have been lodged, with nearly 30 per cent already closed.

Recognising the widespread impact, the ICA declared 14 February storms a 'Significant Event', triggering a heightened level of support for customers dealing with storm damage and power outages.

Quote attributable to ICA CEO Andrew Hall:

These storms caused extensive damage across Victoria and show us just how quickly and unexpectedly extreme weather events can occur.

The significant number of claims reflects the severity of the event, and insurers are working hard to support customers impacted by this event.

The declaration of a ‘Significant Event’ prioritises claims for insurers and will assist impacted Victorians getting back on their feet.