Monday, 29 May 2023

The Insurance Council of Australia (ICA) has declared a Significant Event for the Hunter and Central Coast regions of New South Wales impacted by hailstorm on the afternoon of Friday 26 May.

The ICA’s preliminary catastrophe processes have been activated, assisting the ICA and insurers to assess the insurance impacof the hailstorm.

Under a significant event declaration: 

• The ICA commences its claims data collection, analysis, and reporting processes in consultation with members.  
• ICA representatives will continue to work with government and agencies to understand impacts on the community and ensure affected residents receive assistance. 

As of 10am today, insurers had received 7,552 claims relating to the hailstorm, with 6,021 of those for damage to motor vehicles.

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

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

The insurance industry has made this Significant Event declaration to activate services and support for affected motorists, homeowners and businesses and reassure them that their insurer is there to help. 

It’s too early to understand the full extent of the damage in affected areas and to estimate the insurance damage bill, however we know that most of the damage has been to motor vehicles.

The ICA would like to urge those affected to talk to directly to their insurer, to be aware of any unauthorised people taking advantage of the widespread damage, and to report any suspicious activity or interaction to government authorities or police.

Wednesday, 17 May 2023

The Insurance Council of Australia (ICA) has appointed two new non-executive members to the Board at the organisation’s 43rd Annual General Meeting held on Tuesday 16 May.

Chief Executive Officer of Zurich for Australia and New Zealand, Justin Delaney, and Group Managing Director and CEO of Auto & General for Asia Pacific, Ram Kangatharan, have been appointed for 12-month terms as of Tuesday 16 May.

Mr Delaney has served as Chief Executive Officer of Zurich since July 2021. He has more than 25-years’ experience in financial services, holding various senior executive positions.

Mr Kangatharan joined Auto & General in 2012 following five years at Bank of Queensland where he was Chief Financial Officer and then Chief Operating Officer.

Outgoing Youi CEO Hugo Schreuder stepped down from the ICA Board at Tuesday’s meeting.

The appointments reflect the ICA’s commitment from the leaders of Australia’s general insurance sector to ensuring the industry is well-placed to drive the many strategic challenges and opportunities facing the sector.

Comment attributable ICA President Nick Hawkins:

On behalf of the Board, I am pleased both Justin and Ram have been able to join the Board of the Insurance Council and I welcome their expert contribution.

The new appointments bring extensive experience in both general insurance and financial services to the Board at what is a pivotal time for the general insurance industry.