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.
Motor theft claims surge 96% to $270m in Australia over nine years
Motor theft claims surge 96% to $270m in Australia over nine years
Theft claim frequency also rose sharply in Queensland and metro Victoria.
Australia records surge in claims, cyclone recovery drags
To expedite the claims process, insurers have deployed additional claims consultants.
Australia's insurers log 3,000 claims post-Cyclone Alfred
ICA CEO said to expect “many more thousands of claims.”
ICA proposes A$30.15b flood defence fund
Last year saw 41 million policies issued for households and businesses.
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.
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