Insurance Council of Australia

Significant Event

ICA TV: Andrew Hall in conversation with Dr Daniel Mulino

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ICA TV: Andrew Hall in conversation with Dr Daniel Mulino

First released via the ICA's fortnightly newsletter on Friday, 22 November 2024

The Insurance Council of Australia’s CEO Andrew Hall sat down with Dr Daniel Mulino to discuss the findings and process of the House of Representatives Standing Committee on Economics inquiry into insurers’ responses to 2022 major floods claims.

In this in-depth, 50-minute conversation, they explore key themes such as policyholders, pooling, and preparation, while also highlighting the devastating impact of the 2022 floods on communities, and the broader operating environment.

This review process has been critical for our industry, and the ICA strongly supports the Inquiry’s recommendations which would put downward pressure on premiums and help safeguard communities from future extreme weather events. These include the removal of state insurance taxes, ongoing government investment in resilience and mitigation, and changes to land-use planning to prevent further development on floodplains.

This conversation offers valuable insight into how we can continue to improve outcomes for customers and the community.

🎥 Watch the full conversation here:

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Insurers hosting second round of community consultations in SEQ

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Insurers hosting second round of community consultations in SEQ

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News release

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. 

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ICA welcomes regulatory transparency initiative

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ICA welcomes regulatory transparency initiative

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News release

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.

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Claims data released for Victoria’s Valentine’s Day storms

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Claims data released for Victoria’s Valentine’s Day storms

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News release

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.

 

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Insurance Council declares Significant Event for three States impacted by floods

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Insurance Council declares Significant Event for three States impacted by floods

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News release

Monday 17 October 2022

The Insurance Council of Australia (ICA) has declared a Significant Event for regions of Victoria, New South Wales and Northern Tasmania impacted by flooding.

The Insurance Council’s processes have been activated to assess and monitor the insurance claims impact of this unfolding flood event.

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. 
  • The ICA’s disaster hotline is activated 1800 734 621; offering assistance to policyholders if they are uncertain of their insurance details.

As this remains an unfolding weather event across three States, insurers’ priority is community safety. We strongly encourage all those impacted to put their safety first and adhere to evacuations orders. 

If your property has been impacted, please contact your insurer as soon as possible to commence the claims process, even if you do not know the full extent of damage.  

The Insurance Council is working with emergency services and government personnel across Victoria, Tasmania and New South Wales to coordinate the recovery response and will continue to closely monitor the weather forecast for the week.

As some people have started the clean-up process, the ICA and insurers are reminding customers that they are not required to keep destroyed property, including carpets and furnishings, and instead take photos, note any identifying information, and keep material samples.

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

Community safety is our current priority. We strongly encourage all those impacted to ensure they listen to emergency services, evacuate if told to do so and not to return to their property until emergency services agree it is safe.

This is still a large-scale unfolding event across three States and with more extreme weather expected later this week, so we are encouraging everyone to remain vigilant and listen to any emergency warnings.

If you have been impacted by the floods, contact your insurance company as soon as possible, either by phone or online, to lodge a claim and seek guidance on the claims process.

Claim numbers are steady at the moment but may continue to climb as this event unfolds, and we are actively monitoring the situation. Insurers have significantly increased their claims team resources as the entire La Niña event has continued across the year.

What to do if your property is impacted by flooding:

  • Safety is the priority - don’t do anything that puts anyone at risk.
  • Only return to your property when emergency services give the go ahead.
  • If water has entered the property, don't turn on your electricity until it has been inspected by an electrician.
  • Contact your insurance company as soon as possible to lodge a claim and seek guidance on the claims process.
  • Start the cleanup but first take many photos or video of damage to the property and contents/possessions to support a claim. 
  • Remove any water damaged items such as soft furnishings and carpet that might pose a health risk from the property. Take a range of photos to support a claim and then dispose of the items. Don’t throw away items that could be repaired, unless they pose a health risk.
  • Make a list of each item damaged and include a detailed description, such as brand, model, and serial number if possible. 
  • Speak to your insurer before you attempt or authorise any building work, including emergency repairs, and ask for the insurer’s permission in writing, as unauthorised work may not be covered by your policy.
  • Do not drive your vehicle if it has suffered water damage.

 

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