In the past five years, nearly 54% of losses from declared insurance events were due to floods, representing the disproportional nature of the 4.4% of properties at high risk.
Insurance Council of Australia's Andrew Hall delivered an impassioned speech on the country's protection gap — urging short-term tax reform alongside other medium and long-term recommendations.
In response to a critical need for financial counselling, identified by the Hayne Royal Commission, the Australian insurance industry pledges AU$30m (US$19.67m) to support an increase in services and accessibility...
The NSW Minns Government has ceased further development in flood-prone areas of Sydney's north-west, a move seen as a strong measure to help protect families and businesses from future flood events.
ICA report says building codes which mandate new homes can withstand extreme weather could save the nation an estimated AU$4bn per year, drastically reduce the cost of climate change to homeowners.
Smith spoke at the Insurance Council of Australia's Annual 2023 Conference and emphasised importance of balance in the face of issues like cost-of-living pressures and natural catastrophes.
A surge in disaster-related claims alongside rising inflation across Australia has driven insurance premiums higher; the ICA is urging the government to implement measures to reduce risk and maintain affordability....
The ICA welcomed disaster funding in the New South Wales' 23-24 State Budget, but continues to call for insurance tax reform for the state that bears the highest insurance taxes in the country.
New data shows a repeat of historic weather events would break records and be far costlier; the Insurance Council of Australia is urging for more to be done.
