The ICA has classified ex-tropical Cyclone Jasper as an Insurance Catastrophe to fast-track support for thousands in Far North Queensland, with assessors and claims specialists already deployed.
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...
