Insurance Council of Australia

Media releases

ICA welcomes new Albanese ministry

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ICA welcomes new Albanese ministry

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News release

Wednesday, 1 June 2022

The Insurance Council of Australia (ICA) today welcomed the formation of the first Albanese ministry and said it looked forward to working with the Government’s new ministers on improving the resilience of homes and communities exposed to extreme weather risk.

While there have been some changes in the portfolio responsibilities relating to insurance, in the main the new ministers will provide continuity from Opposition, where the ICA and insurers worked constructively with shadow ministers on policies to improve community resilience and support insurance customers.

The Treasury and Finance portfolios remain largely unchanged from Opposition, and the ICA looks forward to working with Assistant Treasurer and Minister for Financial Services Stephen Jones on the implementation of the Northern Australian Reinsurance Pool, among other issues.

Insurers well understand the impacts of a changing climate, and so the return of the Climate Change portfolio and its position in Cabinet under the able stewardship of Chris Bowen is welcomed.

The ICA welcomes the continuation of Senator Murray Watt in the Emergency Management portfolio as the clean up from the February-March flood continues under the threat of continued extreme weather.

The ICA and insurers supported Labor’s $200 million Prevent, Repair, Rebuild package, announced by Senator Watt and Prime Minster Albanese in January to better protect Australian homes and communities from the impacts of storms, floods, bushfires and cyclones.  

The Government’s commitment matches that made by the Insurance Council in Building a more resilient Australia, our election platform report that outlined the pressing need to improve protections for Australians from extreme weather risk, and represents a significant step up in resilience funding.

The ICA is also focused on how insurance can protect Australian businesses from cyber-attacks and welcomes the appointment of Claire O’Neil as Minister for Cyber Security along with her Home Affairs responsibilities, and the elevation of the Cyber Security portfolio into the Cabinet.

Quote attributable to ICA CEO Andrew Hall:

There are no shortage of issues confronting ministers in portfolios that relate to insurance, and the ICA looks forward to continuing our work with those minsters we know well and those new to our areas of interest.

We are really pleased to see Senator Murray Watt retain Emergency Management and enter the Cabinet, which is testament to the hard work he has put into this difficult portfolio area.

I’d also like to thank Matt Thistlethwaite, who moves into other portfolio roles but who showed a very collaborative and open-minded approach to the insurance sector over the past three years as Shadow Assistant Minister for Financial Services and Superannuation.

 

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2022 flood cost continues to rise

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2022 flood cost continues to rise

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News release

Wednesday, 1 June 2022

The cost of the record-breaking flood that hit South-East Queensland and Northern New South Wales earlier this year continues to rise and is now Australia’s fourth costliest disaster, the Insurance Council of Australia (ICA) said today.

As of Tuesday 31 May, insured losses are estimated at $4.3 billion from 216,465 claims across both states.  

The cost is almost double that of the 2011 Brisbane flood, which saw $2.3 billion in insured losses. 

The extreme weather event has now surpassed the 1989 Newcastle Earthquake, which recorded $4.24 billion in insured losses and falls fourth behind the following (all normalised to 2017 values):  

  • Eastern Sydney Hailstorm (1999, $5.57 billion) 
  • Cyclone Tracey (1974, $5.04 billion) 
  • Cyclone Dinah (1967, $4.69 billion) 

The 28 per cent rise in estimated claims cost from last month’s figures is largely due to the progression in the claims assessment process and an increase in commercial claims, which are typically slower to come through and have a greater cost per claim. 

Insurers are working as fast as possible to support their customers, with more than 20 per cent of claims already closed and almost $1 billion paid to policyholders.  

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

The Insurance Council and insurers continue to work with communities affected by this record-breaking flood, now Australia’s fourth costliest disaster. 

Over the past two weeks we have been holding community forums in flood-impacted areas of New South Wales, and next month will spend two weeks holding forums in Queensland towns and in Brisbane.  

Keeping Australia insurable as extreme weather events worsen requires governments to invest in appropriate physical mitigation and adaptation strategies.  

Insurers and the Insurance Council look forward to working with the Albanese Government to implement its $200 million Prevent, Repair, Rebuild package, to better protect Australian homes and communities from the impacts of extreme weather.

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Insurers to engage with Queenslanders impacted by floods

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Insurers to engage with Queenslanders impacted by floods

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News release

Monday 30 May 2022

The Insurance Council of Australia (ICA) will next month embark on a community roadshow for Queensland insurance customers impacted by the February and March floods.

Starting on Monday 13 June, the in-person forums will provide policyholders with detail on the claims process, complaints avenues and other useful information to assist with the claims process.

Each session will include a presentation and opportunity for policyholders to raise concerns or ask general questions in a public forum.

This will be followed by break-out sessions where community members can speak with insurance company representatives present at each forum.

The Queensland roadshow follows two-weeks spent with policyholders affected by the recent flooding in the Northern Rivers region of New South Wales.

The upcoming Queensland community roadshows will be held at the following locations:

  • Gympie: Monday 13 June, from 5:30pm for 6pm start, The Pavilion Conference & Reception Centre
  • Maryborough: Tuesday 14 June, from 5:30pm for 6pm start, Maryborough Services & Citizens Memorial Club
  • Brisbane North: Wednesday 15 June, from 5:30pm for 6pm start, Bracken Ridge Tavern
  • Brisbane South: Thursday 16 June, from 5:30pm for 6pm start, Forest Lake Tavern
  • Ipswich: Monday 20 June, from 5:30pm for 6pm start, North Ipswich Reserve Corporate Centre
  • Gatton: Tuesday 21 June, from 5:30pm for 6pm start, Lockyer Valley Cultural Centre
  • Beenleigh: Wednesday 22 June, from 5:30pm for 6pm start, Beenleigh Events Centre
  • Chinderah: Thursday 23 June, from 5:30pm for 6pm start Kingscliff Beach Bowls Club
  • Caboolture: Monday 27 June, from 5:30pm for 6pm start, Sports Central

Bookings are essential. To book go to insurancecouncil.com.au/Floods2022

Quote attributable to ICA CEO Andrew Hall:

The Insurance Council and insurers are eager to hit the road in Queensland and meet with policy holders impacted by the flooding earlier this year.

The extreme weather throughout the South-East of the State has been relentless and we know that many are feeling overwhelmed, especially given other factors such as a delay in building supplies and contractors.

 

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Insurers welcomes new Albanese Government

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Insurers welcomes new Albanese Government

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News release

Sunday, 22 May 2022

The Insurance Council of Australia (ICA) today congratulated the incoming Albanese Government on its election victory. 

During the election campaign the Labor Party made a welcome commitment to increase investment to better improve the resilience of communities through a $200 million a year Disaster Ready Fund, with co-funding from the states and territories. 

This initiative is line with the Insurance Council’s election policy platform Building a More Resilient Australia, which called for a range of measures to better protect households and communities from the impacts of extreme weather and put downward pressure on premiums. 

This ICA’s proposed $2 billion, five-year investment is projected to reduce financial costs to Australian governments and households by more than $19 billion by 2050.  

Building a More Resilient Australia included a range of other policies which will improve the resilience of Australian homes and communities to extreme weather, including changes to building codes and land use planning.  

The Insurance Council looks forward to working with the incoming Albanese Government, the cross bench and the Opposition on these important matters, including the implementation of the Northern Australia Reinsurance Pool.  

The Insurance Council also looks forward to working with the Albanese Government on improving the resilience of Australia’s digital environment, including to ensure policy settings for a vibrant and sustainable cyber insurance market which is so vital to protecting Australian businesses from the impacts of cyber crime. 

Quotes attributable to ICA CEO Andrew Hall: 

The Insurance Council congratulates Anthony Albanese on being elected Prime Minister at this critical time in our nation’s history and we look forward to working with the new Labor Government. 

The ICA has worked in a bipartisan manner with both sides of politics for many years on issues of importance to insurance customers and the sector, with a particular focus in recent years and months on community and household resilience.  

We warmly welcomed Labor’s Disaster Ready Fund which, if supported financially by the states and territories, will make a real difference to protecting those homes and communities exposed to extreme weather risk.  

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PDF: Insurers welcome new Albanese Government
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Northern Rivers community insurance forums start next week

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Northern Rivers community insurance forums start next week

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News release

Tuesday, 17 May 2022

The Insurance Council of Australia (ICA) will next week host three community forums in Murwillumbah, Mullumbimby and Lismore for policyholders affected by the recent flooding in the Northern Rivers region of New South Wales.

The in-person forums, starting on Monday 23 May, will provide policyholders with detail on the claims process, complaints avenues and other useful information to assist with the claims process. 

Each session will include a presentation and opportunity for policyholders to raise concerns or ask general questions in a public forum.  

This will be followed by break-out sessions where community members can speak with insurance company representatives present at each forum.  

The community roadshows will be held at the following locations:

  • Murwillumbah: Monday 23 May, from 5:30pm for 6pm start, Murwillumbah Services Club
  • Mullumbimby: Tuesday 24 May, from 5:30pm for 6pm start, Mullumbimby Ex-Service Club
  • Lismore: Wednesday 25 May, from 5:30pm for 6pm start, Southern Cross University Lismore campus auditorium (Whitebrook Theatre)

Bookings are essential. To book go to insurancecouncil.com.au/NorthernRiversFloods

The cost of this year’s floods across south-east Queensland and northern New South Wales is estimated to be $3.346 billion, making it Australia’s costliest flood ever.

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

The Insurance Council and insurers look forward to meeting with policyholders impacted by the recent extreme weather event in the Northern Rivers. 

The community forums and one-on-one consultations are an opportunity to gain a better understanding of the claims process and to have any questions answered.  

 

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Insurers engage with flood-impacted communities

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Insurers engage with flood-impacted communities

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News release

Monday, 9 May 2022

The Insurance Council of Australia (ICA) which represents Australia’s general insurance sector will embark on a two-week community roadshow for policyholders affected by the recent flooding in the Northern Rivers region of New South Wales.

Starting on Monday 23 May, the in-person forums will aim to provide policyholders with detail on the claims process, complaints avenues and other useful information to assist with the claims process.

Each session will include a presentation and opportunity for policyholders to raise concerns or ask general questions in a public forum.

This will be followed by break-out sessions where community members can speak with insurance company representatives present at each forum.

The community roadshows will be held at the following locations:

  • Murwillumbah: Monday 23 May, from 5:30pm for 6pm start, Murwillumbah Services Club
  • Mullumbimby: Tuesday 24 May, from 5:30pm for 6pm start, Mullumbimby Ex-Service Club
  • Lismore: Wednesday 25 May, from 5:30pm for 6pm start, Southern Cross University Lismore campus auditorium (Whitebrook Theatre)
  • Grafton: Tuesday 31 May, from 5:30pm for 6pm start, Grafton District Services Club
  • Casino: Wednesday 1 June, from 5:30pm for 6pm start, Casino RSM Club
  • Lennox Heads: Thursday 2 June, from 5:30pm for 6pm start, Lennox Heads Cultural Centre auditorium

Bookings are essential. To book go to insurancecouncil.com.au/NorthernRiversFloods.

The community roadshow will follow a virtual event to be held this Thursday 12 May. Bookings for the virtual townhall can be made at insurancecouncil.com.au/onlinetownhall

The cost of this year’s floods across south-east Queensland and northern New South Wales is estimated to be $3.346 billion, making it Australia’s costliest flood ever.

Quote attributable to ICA CEO Andrew Hall:

Many people affected in the Northern Rivers region in New South Wales are seeking an understanding of their insurance policy and how it responds to this severe weather event, as well as the next steps in the recovery process.

We want to make this process as simple as possible for the policyholders impacted in this region, which is why our team will be on the ground to listen to community concerns and offer advice.

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