Insurance Council of Australia
The Insurance Council of Australia (ICA) is the representative body of the general insurance industry in Australia. It is a group that represents 89% of total premium income written by private sector general insurers, spanning both insurers and reinsurers.
See below for the Latest Insurance Council of Australia News, Analysis, Profit Results, Share Price Information, and Commentary.
Australia sets up claim centre for customers affected by severe storms
Australia sets up claim centre for customers affected by severe storms
The hub is located in Townsville and is open until 15 February.
Australian council supports new funding round for disaster mitigation
The fund provides $125.8m (A$200m) annually.
Nearly 9 in 10 Australian insurers commit to net-zero targets by 2050
Extreme weather events cost homeowners approximately $4b annually.
ICA to consult on motor vehicle insurance code update
The initial draft was supposed to be released within this year.
ICA proposes 17 steps to improve strata insurance outcomes
Key proposals include stricter education requirements for strata managers.
Ageing workforce fuels talent crisis in Australia’s insurance sector
About 58% of insurance professionals in the country are over 45.
ICA backs Senate's recommendations on climate risk impact on insurance premiums
Insured losses reached $2.19b between 2023 and 2024 due to four extreme weather events.
ICA outlines recommendations for strata complexes amidst rising insurance costs
Insurance costs have been driven by inflationary pressures.
Australian council backs tech-neutral consumer laws for AI
The council also urged the government to avoid regulatory duplication between the ACL and existing financial legislation.
Australian insurers urged to adopt nature-positive practices
In December 2022, over 180 countries adopted the Global Biodiversity Framework.
ICA appoints Suncorp CEO as new chair
He succeeds Nick Hawkins, who has held the role for two years.
ICA unveils roadmap to temper skills and talent shortage in insurance sector
Nine in 10 insurance employers struggled to find skilled staff last year.
Australia’s annual weather-related insurance costs more than double
Insured losses increased to 0.7% of the GDP.
ICA urges Aussies to pack travel insurance amidst rising alcohol incidents
About 87% of Australians took out travel insurance on their last trip in the past year.
ICA gives two thumbs up to new building code decision
Enhancing home resilience against weather could save an estimated $4b yearly.
ICA welcomes NSW budget, aims for insurance affordability
NatCat events in the past two years caused $2.64b (AU$4b).
ICA proposes updates to insurance code
The code was first introduced in 1994.
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Event News
Embrace AI or be left behind, an expert said at the Asian Banking & Finance and Insurance Asia Summit today.
Commentary
Ageing populations and rising mortality main concerns for life insurers and reinsurers