Insurance Council of Australia Archives - InsuranceAsia News https://insuranceasianews.com/companies_category/insurance-council-of-australia/ Mon, 05 Jan 2026 07:42:26 +0000 en-US hourly 1 https://wordpress.org/?v=6.8.2 Bondi Beach attack declared terrorism incident, Australia’s Terrorism Reinsurance Pool activated https://insuranceasianews.com/bondi-beach-attack-declared-terrorism-incident-activates-australias-terrorism-reinsurance-pool/ Tue, 16 Dec 2025 06:05:14 +0000 https://insuranceasianews.com/?p=207026 Insurance Council of Australia also declares Sunday's incident as a 'significant event'.

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Australia's Terrorism Reinsurance Pool has been activated for just the second time after Sunday’s mass shooting at Bondi Beach was designated as a declared terrorism incident under the Terrorism Insur...

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]]> ICA extends insurance cat declaration to across Queensland, New South Wales https://insuranceasianews.com/ica-extends-insurance-cat-declaration-to-across-queensland-new-south-wales/ Fri, 28 Nov 2025 06:14:44 +0000 https://insuranceasianews.com/?p=205622 Insurers have received more than 44,600 claims for Cat 255, or the 'Qld and NSW Severe Storms and Hail'.

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The Insurance Council of Australia (ICA) has extended the dates and postcodes of the severe storm and hail activity that has impacted Queensland and New South Wales over the past week to include all p...

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]]> Claims top 27,000 after giant hail battered Queensland, New South Wales https://insuranceasianews.com/claims-top-27000-after-giant-hail-battered-queensland-new-south-wales/ Wed, 26 Nov 2025 05:24:56 +0000 https://insuranceasianews.com/?p=205391 Insurance Council of Australia declared an insurance catastrophe after thousands of homes were left without power and residents suffered damage to property. 

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Insurers have received more than 27,800 claims following the severe hailstorms that impacted southeast Queensland and northern New South Wales on Sunday and Monday, according to the Insurance Council ...

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]]> Australia’s cyclone pool ‘needs greater focus on climate resilience and mitigation’: ICA https://insuranceasianews.com/australias-cyclone-pool-needs-greater-focus-on-climate-resilience-and-mitigation-ica/ Thu, 13 Nov 2025 06:24:42 +0000 https://insuranceasianews.com/?p=204472 Industry group says pool has contributed to reducing pressure on insurance premiums in northern Australia, but not directly reduce underlying extreme weather risk.

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Australia’s cyclone reinsurance pool (CRP) needs a greater focus on climate resilience and mitigation to put sustainable downward pressure on insurance costs, the Insurance Council of Australia has to...

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]]> ICA expands Severe Spring Storms declaration as Queensland claims surge past 26,000 https://insuranceasianews.com/ica-expands-severe-spring-storms-declaration-as-queensland-claims-surge-past-26000/ Wed, 05 Nov 2025 09:29:31 +0000 https://insuranceasianews.com/?p=203910 Storms have produced thousands of new claims across the state, with early industry estimates pointing to insured losses exceeding A$250 million (US$165 million).

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The Insurance Council of Australia (ICA) has widened its Significant Event declaration SE 254, now known as Severe Spring Storms, to include hail and strong winds that battered southeast Queensland be...

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]]> ICA declares ‘significant event’ in Queensland after severe hailstorms https://insuranceasianews.com/ica-declares-significant-event-in-queensland-after-severe-hailstorms/ Tue, 28 Oct 2025 06:34:20 +0000 https://insuranceasianews.com/?p=203019 The hailstorms in the greater Brisbane region on Sunday have led to over 11,000 claims so far, the industry lobby said.

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The Insurance Council of Australia (ICA) has declared the hailstorm in Queensland on Sunday to be a significant event for the industry, triggering its preliminary catastrophe processes.
In an update o...

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]]> Australian insurers demand review of ‘outdated’ public liability laws to ease cost pressure https://insuranceasianews.com/australian-insurers-demand-review-of-outdatedpublic-liability-laws-to-ease-cost-pressure/ Wed, 15 Oct 2025 04:57:32 +0000 https://insuranceasianews.com/?p=202024 Insurance Council of Australia has made recommendations for state and territory governments to modernise and unify public liability laws that haven’t been reviewed in almost 25 years.

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The Insurance Council of Australia has called for urgent reforms to “outdated to state-based civil liability laws” that are driving up insurance costs for businesses across the country.
It has release...

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]]> Australia’s insurance losses down 25% in 2024–25, ICA says https://insuranceasianews.com/australias-insurance-losses-down-25-in-2024-25-ica-says/ Mon, 06 Oct 2025 13:01:53 +0000 https://insuranceasianews.com/?p=201357 Declared events over the 12 months to June 30, 2025, included one cyclone and two floods, according to the Insurance Council of Australia (ICA).

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Australia's insurance losses to date decreased by 25% from AU$2.61 billion (US$1.7 billion) in 2023–24 to AU$1.97 billion in 2024–25, according to the Insurance Council of Australia (ICA).
However, cl...

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]]> Flood Re 2.0? Australia looks to UK’s blueprint to tackle rising nat cat exposures https://insuranceasianews.com/flood-re-2-0-australia-looks-to-uks-blueprint-to-tackle-rising-nat-cat-exposures/ Tue, 16 Sep 2025 23:30:59 +0000 https://insuranceasianews.com/?p=200099 Assistant treasurer and minister for financial services Daniel Mulino and Insurance Council of Australia CEO Andrew Hall are in London discussing greater resilience to emerging disasters and natural catastrophe risks.

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With Australia facing a future which will be defined by increasing natural catastrophe risks, the country’s finance minister is looking at how the UK’s Flood Re scheme could be adapted to work to supp...

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]]> Climate change puts 1.5m Australians at dire risk, warns first climate risk assessment https://insuranceasianews.com/climate-change-puts-1-5m-australians-at-dire-risk-warns-first-climate-risk-assessment/ Mon, 15 Sep 2025 10:20:46 +0000 https://insuranceasianews.com/?p=200037 Australians living in high-risk communities face increasing costs as a result of rising insurance premiums, with widening protection gaps as many areas become uninsurable, according to a governement report.

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Australia faces “more intense and extreme climate hazards” because of climate change, with 1.5 million facing a severe threat from rising sea levels by 2050, according to the government’s first ever n...

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