Insurance Council of Australia (ICA) News

Insurance Council of Australia Declares Flood Catastrophe for Regions of Victoria

The Insurance Council of Australia (ICA) has declared a catastrophe for regions of Victoria affected by significant storms and flooding of the last few days. The ICA’s catastrophe declaration serves to escalate and prioritize the insurance industry’s response for affected …

Australia Bushfire Funding ‘Welcome’ but Insurance Tax Rise ‘Unsustainable’: ICA

The Insurance Council of Australia (ICA) welcomed the budget announcement from the state of Victoria of funding of A$517 million (US$401 million), which will be allocated across several bushfire risk reduction projects. However, the ICA emphasized that the projected growth …

Insurance Council of Australia Declares Catastrophe for Parts of New South Wales

The Insurance Council of Australia (ICA) has declared a Catastrophe for large parts of New South Wales, a state in southeast Australia, following the devastating storms and flooding of the last few days. The ICA’s catastrophe declaration serves to escalate …

Australia Battered by Worst Flooding in 60 Years

PITT TOWN, Australia — Australia was set on Monday to evacuate thousands more people from suburbs in Sydney’s west, battered by the worst flooding in 60 years, with torrential rains expected to continue for another day or two. Reuters images …

Australian Insurers Declare Catastrophe for Perth Hills Bushfires

The Insurance Council of Australia (ICA) has declared a catastrophe for the Perth Hills bushfires which continue to burn north-east of Perth. Insurers have received more than 270 claims and estimated loss value is over A$40 million (US$30.5 million), this …

Australia’s 4 Summer Natural Disasters Cost Insurers More Than US$3.44 Billion

The cost of insurance claims from four natural catastrophes during Australia’s 2019-2020 summer has passed A$5.19 billion (US$3.44 billion), said the Insurance Council of Australia (ICA). Thousands of new claims and property loss assessments have pushed total claims to more …

Australian Insurers Declare Catastrophe for Losses from East Coast Flooding

The Insurance Council of Australia (ICA) has declared a catastrophe for property losses caused by storms and flooding along the east coast since February 5. Insurers said they have received 10,000 claims with the value of claims estimated at $45 …

Insured Losses from Australia’s Hailstorms Hit US$352.5 Million

The Insurance Council of Australia (ICA) has declared a catastrophe for damage caused by hailstorms that struck eastern Melbourne, the Australian Capital Territory and parts of New South Wales on Sunday and Monday (Jan. 19-Jan. 20). Insured losses from the …

Australia Begins Clean Up From Bushfires with Insurance Claims Continuing to Rise

The New South Wales and Victorian state governments will coordinate the clean-up of insured and uninsured residential and commercial properties destroyed in the deadly wildfires. Under the plan, the states will appoint major contractors to do the work, which will …

Australia’s Bushfires Could Surpass 2009’s Costly Season; Analysts, Insurers Comment

Australia’s bushfire season has months to run and could easily surpass the most costly fire season, 2009’s Black Saturday fires in Victoria, which had a price tag of an estimated A$4.4 billion (US$3 billion), according to Moody’s Analytics, in a …