Insurance Council of Australia (ICA) News

What Is Causing Australia’s Incessant Rain?

MELBOURNE — Torrential rain is lashing Australia’s southeast coast, forcing thousands of people from their homes because of the danger of floods and landslides in a region battered by major flooding four times in the past 18 months. Some areas …

Insurance Price Tag for Australia’s Record-Breaking Floods Estimated at A$3.35B: ICA

The storms and floods that hit South-East Queensland and coastal New South Wales in February and March are likely to be Australia’s costliest floods on record, according to the Insurance Council of Australia (ICA). Using updated data, the ICA said …

Reinsurers to Bear Brunt of Australia Flood Claims: AM Best

The majority of gross losses from recent devastating flooding in Australia likely will be borne by reinsurers with limited impact on primary insurers’ balance sheets, according to an AM Best report. The flooding brought widespread damage to regions of New …

Climate Change Is Making Australia a More Difficult Place to Live: Prime Minister

Australia’s Prime Minister Scott Morrison conceded that a changing climate is making the country a more difficult place to live as he declared recent destructive flooding on the east coast a national emergency. Morrison spoke to reporters as he visited …

Property, Motor Vehicle Insurance Claims From Severe Australia Floods at A$900M and Rising

Property and auto insurers in Australia have received 60,163 claims related to the ongoing disastrous flooding in South-East Queensland and New South Wales. Based on previous flood events, the Insurance Council of Australia (ICA) estimates the current cost of claims …

Severe South Australia Storms Declared a Catastrophe by Insurance Council

The Insurance Council of Australia (ICA) has declared an insurance catastrophe for parts of South Australia, which were hit by significant hail, rain, and strong winds over the past 24 hours. Insurers have received more than 12,000 claims so far …

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 …