Insurance Council of Australia

Community

Insurers to meet with community members in South-east Queensland for fifth round of consultations

by

Insurers to meet with community members in South-east Queensland for fifth round of consultations

image

News release

Teusday, 19 October 2024

The Insurance Council of Australia (ICA) and insurers are continuing their support for customers in South-East Queensland following the Christmas and New Years storms that impacted the region almost 12 months ago.

In early December, the ICA and insurers will again deliver community consultations in Jimboomba, Upper Coomer and Tamborine to meet with community members who are still recovering from significant weather damage.
This extreme weather event has resulted in more than 100,000 claims across South-East Queensland, totalling more than $1.4 billion.

Insurer representatives will be available for in-person consultations to provide customers with the opportunity to discuss the progress of their claim and to work through any outstanding issues.

Jimboomba
• Tuesday 3 December 2024, 9:00am – 4:00pm
• Jimboomba Community and District Hall - Johanna Street &, Honora St, Jimboomba.

Upper Coomera
• Wednesday 4 December 2024, 9:00am – 4:00pm
• Coomera Community Space - 133 Finnegan Way, Coomera.

Tamborine
•Thursday 5 December 2024, 8:00am – 2:45pm
•Vonda Youngman Centre, 2-4 Knoll Rd, Tamborine Mountain.

We encourage policy holders to book in advance:
www.insurancecouncil.com.au/news-hub/events/

Quotes attributable to ICA CEO Andrew Hall:

The communities who were impacted by the Christmas and New Year storms have shown their resilience in the face of the challenges thrown at them at the end of last year.

The consultations we host allow customers to progress claims through face-to-face engagement, and we look forward to continuing this commitment to regions impacted by extreme weather.

It is important that we continue to provide households and businesses the support they need to move forward, particularly as we enter another disaster season.

Useful links

icon Media Release
icon Lorem ipsum
icon Ducimus qui blanditlls

Insurers to meet with community members in Far North Queensland in fifth round of consultations

by

Insurers to meet with community members in Far North Queensland in fifth round of consultations

image

News release

Tuesday, 19 November 2024

The Insurance Council of Australia (ICA) and insurers are continuing their support for customers in Far North Queensland following Ex-Tropical Cyclone Jasper that impacted the region almost 12 months ago. Later this month, the ICA and insurers will deliver a fifth round of community consultations in Cairns and Port Douglas, meeting with community members who are still recovering from significant weather damage.

Ex-TC Cyclone Jasper has resulted in more than 10,000 claims to the value of $384 million.

Insurer representatives will be available for in-person consultations to provide customers with the opportunity to discuss the progress of their claim and to work through any outstanding issues.

Cairns
• Tuesday 26 November 2024, 10:00am – 5:00pm
• Brothers League Club Cairns, 99 – 107 Anderson Street, Manunda.

Port Douglas
• Wednesday 27 November 2024, 10:00am – 4:00pm
• Pullman Port Douglas Sea Temple Resort and Spa - Mitre Street, Port Douglas.

We encourage policy holders to book in advance:
www.insurancecouncil.com.au/news-hub/events/

Quotes attributable to ICA CEO Andrew Hall:

The communities who were impacted by Ex-Tropical Cyclone Jasper have shown their resilience in the face of the challenges thrown at them at the end of last year.

The consultations we host allow customers to finalise claims through face-to-face engagement, and we look forward to continuing this commitment to regions impacted by extreme weather.

It is important that we continue to provide households and businesses the support they need to move forward, particularly as we enter the next disaster season.

Useful links

icon Media Release
icon Lorem ipsum
icon Ducimus qui blanditlls

Insurers look forward to working with new Crisafulli Government

by

Insurers look forward to working with new Crisafulli Government

image

News release

Sunday, 27 October 2024

The Insurance Council of Australia (ICA) today said insurers look forward to working with the new Crisafulli Government to better protect Queenslanders from the impacts of extreme weather.

Queensland is Australia’s most extreme weather-exposed state: around 75 per cent of all Australian homes in cyclonic wind regions are located in Queensland and it has the largest number of properties at risk of flood of any state or territory.

Last month the ICA published A Stronger Queensland, which outlined the policies needed to ensure Queenslanders remain protected and secure.

Analysis included in the report found that at least 310,000 Queensland properties – or around 10 per cent of all Queensland properties – are exposed to a 1-in-100, 1-in-50, or 1-in-20 risk of flooding each year, with at least 47,000 of these properties exposed to the highest 1-in-20 annual risk of flooding.

In the last three years insurers have incurred around $4.5 billion in extreme weather claims in Queensland.

The key insurance priorities for Queensland are:

  • Reducing the cost of insurance by removing the nine per cent stamp duty paid on insurance policies
  • Defending critical infrastructure, including homes and businesses, by substantially increasing funding to better protect against flood and cyclone
  • Future proofing the State by stopping development on flood plains and making new homes more resilient to extreme weather
  • Supporting the most vulnerable in the community with programs that reduce risk and put downward pressure on the cost of insurance.

Queenslanders could see an immediate reduction in their premiums if the Crisafulli Government removes stamp duty on insurance, which would provide immediate cost of living relief and encourage greater take-up of insurance at a time when it is needed most.

In the current financial year, Queenslanders are forecast to pay $1.7 billion in stamp duty on their insurance policies, up from just over $1 billion in 2019-20.

Quote attributable to Andrew Hall, CEO, Insurance Council of Australia:

The Insurance Council congratulates Premier-elect David Crisafulli and his team on their election victory yesterday and look forward to working with the new Government on our shared priorities of making Queensland safer and insurance more available.

The most immediate way to reduce insurance premiums in Queensland is abolishing the nine per cent stamp duty on insurance premiums.

If the Crisafulli Government does not abolish stamp duty on insurance, it should invest the revenue collected by this tax in mitigation initiatives that directly benefit Queenslanders and put downward pressure on insurance premiums.

Analysis undertaken for the ICA shows that a five-year, $730 million investment in mitigation projects across Queensland would deliver $6.3 billion in savings to 2050 – a nine-fold return on investment.

Useful links

icon Media Release
icon A Stronger Queensland
icon Lorem ipsum
icon Ducimus qui blanditlls

Impacted Broken Hill residents encouraged to contact their insurer

by

Impacted Broken Hill residents encouraged to contact their insurer

image

News release

Thursday, 24 October 2024

The Insurance Council of Australia (ICA) has encouraged residents and small businesses of Broken Hill and surrounding areas impacted by the power outage caused by last week’s weather to contact their insurer or broker to discuss whether they have a claim.

Insurers have already received a small number of claims from residents, almost entirely related to food spoilage.

While it is important that each policyholder checks their policy or contacts their insurer to determine coverage, in most home and contents policies the excess does not apply to food spoilage.

Insurers are reporting very few claims for physical damage.

If property or vehicle has been impacted, customers are advised to contact their insurer or broker as soon as possible to commence the claims process, even if they do not know the full extent of damage.

The ICA has engaged with relevant NSW Government agencies and will continue to monitor claims with its members.

Comment attributable to Andrew Hall, CEO, Insurance Council of Australia:

The ICA encourages residents and small businesses in the far west of New Soth Wales impacted by the weather event or the subsequent power outage to contact their insurer or broker to determine if they have a claim. Insurers stand ready to assist, and the Insurance Council continues to engage with the NSW Reconstruction Authority.

 

Useful links

icon Media Release
icon Lorem ipsum
icon Ducimus qui blanditlls

Fire and Rescue NSW reignites historic partnership with Insurance Council of Australia to safeguard communities

by

Fire and Rescue NSW reignites historic partnership with Insurance Council of Australia to safeguard communities

image

News release

Friday, 9 August 2024

Fire and Rescue NSW (FRNSW) and the Insurance Council of Australia (ICA) today have joined forces in a commitment to work together to safeguard communities from fire risk and enhance safety across the state.

At the first ‘Insurance Industry Forum’ held at the City of Sydney Fire Station, representatives from FRNSW and the ICA came together to discuss key findings from recent research, share best practices and data, and develop actionable strategies to protect communities from fire. 

With the NSW Government yesterday announcing it will impose strict new standards on lithium-ion batteries powered personal mobility devices, such as e-scooters and e-bikes, this will also form a part of the conversation and be the subject of a dedicated future forum – with both parties noting an increase in lithium-ion battery fires across the state.

This commitment is based on an almost 200-year-old relationship with the insurance industry, which established the first fire brigades in New South Wales back in 1836.

FRNSW Commissioner, Jeremy Fewtrell, said FRNSW is committed to taking a proactive approach when it comes to public safety, with a focus on the growing risk of emerging technology.

“This partnership with the ICA is not just a continuation of our current efforts, but a rekindling of a collaboration that dates back to the very origins of firefighting in New South Wales,” Commissioner Fewtrell said.

“We’re really keen to leverage the combined expertise of both organisations, especially when it comes to building a shared view of current and emerging fire risk and uplifting community education to minimise this risk to better protect people and their assets. 

“This partnership, which establishes a foundation for future initiatives between FRNSW and ICA, will effectively protect lives, property, and the environment.

ICA CEO, Andrew Hall, said the partnership heralds a new era in fire safety education and risk reduction, and he’s proud the insurance industry has a seat at the table.

"Insurance companies not only play a critical role in understanding the risk factors policy holders face, they also are integral to helping communities recover from fire-related incidents,” Mr Hall said. 

“As insurers, we have access to data about how fires start and what the causes are, and this partnership aims to help us better understand how we can utilise this data to drive improved community safety outcomes.

“This includes new and emerging technologies, such as personal mobility products powered by lithium-ion batteries. We’re seeing a growing number of fires from lithium-ion batteries, which is a real concern.

“Our communities are facing modern fire risks and this partnership will uncover modern solutions.

“We are committed to reducing fire related injury and fatality. Together, we are stronger and more capable of facing the challenges ahead.

“Because insurers price risk, we can work directly with customers – home owners, strata committee and businesses – to start highlighting best risk management practices for LI batteries and recharging of EVs. If we can work in lock-step with authorities like FRNSW, this will be an important step forward to ensuring we have a safer community.”

The collaboration coincides with the celebration of FRNSW's 140 years of service and is a significant milestone in the agency’s efforts to reduce structure fires and other emergencies.

Key representatives from the fire service, and ICA member companies such as Allianz, Hollard, IAG, Munich Re, QBE, Strata Community Insurance and Suncorp will form part of the ongoing Insurance Industry Forum.

About Fire and Rescue NSW
Fire and Rescue NSW is one of the world's largest urban fire and rescue services, serving the New South Wales community through a wide range of fire prevention, education, and emergency response activities.

About the Insurance Council of Australia
The Insurance Council of Australia is the representative body of the general insurance industry in Australia. Its members include over 90 percent of insurers in the Australian market, including home, motor, and business insurers.

Media contact for ICA: Amy Smith, 0459 846 926

Useful links

icon Media Release
icon Lorem ipsum
icon Ducimus qui blanditlls

NSW Government action on Sydney floodplain development welcome

by

NSW Government action on Sydney floodplain development welcome

image

News release

Sunday, 29 October 2023

The Minns Government is to be commended for its decision to halt further development in parts of Sydney’s north-west due to flood risk, the Insurance Council of Australia (ICA) said today.  

This decision announced today in The Sunday Telegraph by Minister for Western Sydney Pru Car and Minister for Planning Paul Scully is clear and strong action that will protect families and businesses from future dangerous flood events. 

This is the first tangible decision by a State Government in response to the agreement by National Cabinet in 2022 that “the days of developing on floodplains need to end”.  

It follows advocacy by the ICA and other peak bodies such as the Planning Institute of Australia and Master Builders Australia for governments responsible for land use planning decisions to significantly strengthen the controls around developments on high-risk flood plains. 

Some residents of Western Sydney have experienced flooding four times in the past three years and the region is one of the most flood-prone in Australia.  

Quote attributable to ICA CEO Andrew Hall:  

“The Minns Government should be commended for taking such a critical decision which will put the safety and wellbeing of future Western Sydney communities first above all other demands. 

“This is a significant shift in thinking about how we make the region safer and improve its risk profile. 

“Insurers appreciate that Sydney is grappling with a housing crisis as the population surges, but repeating mistakes of the past through poor planning decisions would only condemn future generations to trauma and financial loss through devastating flood events while placing further pressure on all insurance premiums. 

“Western Sydney already is one of Australia’s most exposed and high-risk flood areas, due to the topography of the Hawkesbury Nepean basin.  

“To have allowed developments to proceed in these areas in full knowledge of the flood risk would have been unforgiveable. 

“It was never a question of whether these areas may flood; the science, data and modelling show we know they will flood – to put further housing in these areas of unmitigated flood risk would have been a terrible strategy.” 

Useful links

icon Media Release PDF
icon #
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.

Subscribe to our newsletter

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.
Read on

Footer

Social