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.
Australian insurers urged to adopt nature-positive practices
In December 2022, over 180 countries adopted the Global Biodiversity Framework.
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.
ICA amplifies fight against insurance scams with new function
In 2023, it saw AU$560m cases of opportunistic insurance fraud.
41% of Australian travellers opt out of purchasing travel insurance
27% of Australians think travel insurance is unnecessary.
Claims soar to 19,932 after Victoria thunderstorm – ICA
About 85% of the claims are related to home and contents damage.
ICA backs standardised definitions for natural hazards in insurance policies
Standardised definitions entail all insurers use the same definition for a specific event in their policies.
ICA engages treasury on proposed financial advice reforms
A consultation roundtable was conducted last 19 February.
Over 18,000 new claims filed after recent Australian catastrophes
Insurers have already closed 28% of claims, paying out AU$171m
Australia’s MVRI Code of Conduct overhaul implements recommendations for better governance
The CAC is also enhancing the user experience on the code's website in response to industry feedback.
ICA urges e-motor users to have coverage
E-motors catching fire has been too frequent due to inadequate care by owners, says the ICA.
Insurers ready to tackle Cyclone Jasper – ICA
The community in the cyclone warning region is advised to monitor weather conditions and follow guidance from emergency services.
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Humans need to be in insurance’s genAI loop
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Insurance
Employees still need to interpret AI-generated data and make decisions to minimise risks.
Employees still need to interpret AI-generated data and make decisions to minimise risks.
