Insurance Council of Australia (ICA) News

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 …

Australians Evacuate Their Homes as Soaring Temperatures, Winds Fan Bushfires

Australia urged nearly a quarter of a million people to evacuate their homes on Friday and prepared military backup as authorities said the next few hours could be “very, very challenging” even as rain poured down in some parts. Defense …

Insurance Industry Calls for Action to Mitigate Climate Risk as Australia Bushfires Widen

As the devastation from Australia’s bushfires widens, the insurance industry is calling for concerted action to mitigate the impact of climate change. Months of out-of-control fires have burnt an area more than five times the size of Wales and industry-wide …

Update: The Escalating Costs of Australia’s Wildfire Disaster

Australia is in the grip of deadly wildfires burning across the country, triggering an emotive debate about the impact of climate change in the world’s driest-inhabited continent. The unprecedented scale of the crisis, and images of terrified tourists sheltering on …

Insurance Council of Australia Declares Catastrophe for New South Wales Bushfires

The Insurance Council of Australia (ICA) on Nov. 9 declared a catastrophe for the bushfires blazing in northern New South Wales. The catastrophe declaration is for communities on the mid-north coast affected by bushfires that have reportedly destroyed more than …

Australia Braces for Another Week of Devastating Bushfires

Australia is bracing for another week of devastating bushfires, with swaths of the eastern seaboard and even areas of greater Sydney facing a “catastrophic” threat that’s unprecedented at this time of year. It’s the first time authorities have set the …