Insurance Council of Australia

#Insurers look forward to working with new Crisafulli Government to better protect Queenslanders from the impacts of extreme #weather. Last month the ICA published 'A Stronger Queensland', which outlined the policies needed to ensure Queenslanders remain protected and secure. The key #insurance priorities outlined include: ✅ Reducing the cost of insurance by removing the nine per cent stamp duty paid on insurance policies. ✅ Defending critical #infrastructure, including homes and businesses, by substantially increasing funding to better protect against #flood and #cyclone. ✅ Future proofing the State by stopping development on flood plains and making new homes more #resilient to extreme weather. ✅ Supporting the most vulnerable in the community with programs that reduce risk and put downward pressure on the cost of insurance. Read more in our media release: https://bit.ly/3YDYzf5 #QueenslandElection #Queensland #StampDuty

The Insurance Council of Australia (ICA) welcomes the report from the House of Representatives Standing Committee on Economics, released today after its inquiry into insurers' responses to the 2022 major floods. Insurers acknowledge that many customers did not receive the level of service they deserved. They have apologised to those affected and are committed to improving service standards through increased investment in people, tools, and training. Over the coming months, the ICA will review and engage its members on the report’s 86 recommendations, alongside the recommendations of the independent Review of the General Insurance Code of Practice.    The ICA and insurers are committed to continuing to work closely with Australian governments, stakeholders, consumer representatives, and regulators to implement changes that improve the industry’s response to natural disasters. https://lnkd.in/gbh9MxVY

What a day in beautiful #Brisbane! With more than 370 attendees and over 30 speakers from both international and domestic #insurance markets and beyond, yesterday’s #ICABris2024 conference was our biggest ever.   A big thank you to an esteemed lineup of speakers, including the Honourable Jenny McAllister, Federal Minister for Cities and Emergency Management, Celyeste Power, CEO & President of the Insurance Bureau of Canada, our industry's regulators Alan Kirkland, Commissioner ASIC, and Suzanne Smith, Executive Board Member Australian Prudential Regulation Authority, along with industry leaders like Steve Johnston, incoming ICA Chair and CEO & Managing Director, Suncorp Group, and current ICA President, Nick Hawkins, CEO & Managing Director, IAG, to name just a few.   Sessions highlighted that the #InsuranceProtectionGap is a #global challenge. Our industry, #regulators and #government have opportunity to work together to address rising #risks related to worsening extreme #weather, compounding #climate vulnerability, and the increasing cost of #fraud.   Thank you to all our attendees and a massive thanks to our Platinum Sponsor, Johns Lyng Group, for your support.   Shoutout to our session sponsors, coffee cart sponsors, and networking drinks sponsors: ANZIIF, EXL, Clyde & Co, RIC Solutions, Gilbert + Tobin, Tenon and The Bridge International, for keeping us energised and engaged throughout the day.   #ICABris2024 

With summer fast approaching, the Insurance Council of Australia is encouraging homeowners and tenants to get ‘summer ready.’ The Bureau of Meteorology is forecasting an increased #risk of #bushfires in parts of #Victoria and #SouthAustralia, a heightened threat of #storms and flash #floods across Australia’s East Coast, and an above-average risk of severe #cyclones in the north due to warmer sea temperatures. Before extreme weather season hits, there are practical steps everyone can take to prepare and reduce their risk. Get summer ready with our top tips below. 🔗 https://bit.ly/3YkJDCB #SummerReady #ExtremeWeather #Preparedness

🌍 Ahead of Australia hosting the Global Nature Positive Summit 2024 next week, the Insurance Council of Australia is proud to release a landmark report ‘Advancing Resilient Nature Positive Insurance’ which takes a deep dive into the connections between #insurance and the #environment. It explores how sectors like #agriculture, #construction, and #manufacturing — reliant on healthy #ecosystems — can benefit from #insurers managing nature-related #FinancialRisks to build long-term #resilience. Australia’s exposure to extreme #weather events — #floods, #cyclone, #droughts, and #bushfires — highlights the steep #financial cost of environmental degradation. In the five years since the Black Summer bushfires, insurers have paid nearly $20 billion in natural disaster claims, putting pressure on premiums, particularly in high-risk communities. As insurers, we have a unique opportunity to protect #nature, reduce #risk, and create a more #resilient #future. https://bit.ly/3zWsVQq

Join us at the Insurance Council of Australia’s 2024 Annual Conference at the Brisbane Convention & Exhibition Centre on 16 October. The day kicks off with engaging plenary sessions in the morning, followed by diverse breakout sessions in the afternoon, allowing you to choose the session most relevant to you.   "Insurance reviews – What are we learning" is a pivotal session for the industry, as it considers themes and findings from the Parliamentary Inquiry into insurers' response the 2022 #floods, the Deloitte Review, and the independent review of the General Insurance Code of Practice. Understanding these insights is essential for driving improvements that protect and support #customers in the future. In this dedicated breakout session, you'll hear from Daniel Mulino MP, Chair of the Standing Committee on Economics, Helen Rowell, Chair of the Code of Practice Review Independent Panel, and Ella White, Partner at Deloitte, as they share lessons learned and actionable steps for the industry. Tickets are selling fast, so don’t miss your chance to be part of this important conversation. https://lnkd.in/g7vJ84x5 #ICAConference2024 #IndustryLeadership #CustomerProtection 

There’s more to a #career in #insurance than you might think.   #Technology and #data aren’t just tools – they drive the #future of our industry, enabling us to adapt and better support customers in an ever-changing world.   Our #InsuranceCareers campaign shines a light on the dynamic role of an #AI Solutions Lead, where problem-solving, collaboration, and cutting-edge #DataScience come together.   A career that puts innovation into practice. It's our policy.

🔦 Spotlight on the ‘Regulators Session’ at the Insurance Council of Australia's 2024 Annual Conference, happening 16 October at the Brisbane Convention & Exhibition Centre 🔦 The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) play a critical role in ensuring a secure, fair, strong and competitive #financial system. Join Alan Kirkland, Commissioner at ASIC, and Suzanne Smith, Executive Board Member at APRA, as they discuss #regulatory priorities and the importance of collaboration between the #insurance industry, #Government, #APRA, and #ASIC to enhance #customer outcomes and provide clarity and consistency for all. 🎟️Tickets are selling fast—secure yours now and we will see you in #Brisbane!  You can still take advantage of these discounted prices with the promo code ‘SpecialRate’  ICA Member Tickets: $450 (with promo code applied)  Non-Member Tickets: $540 (with promo code applied) Purchase tickets and view full agenda: Full agenda and speakers available: https://lnkd.in/g7vJ84x5 #ICAConference2024 #IndustryLeadership  

The #policy recommendations outlined by the Insurance Council of Australia today in our A Stronger Queensland report aim to address the critical issue of #insurance affordability and availability in #Queensland. The report calls for action to reduce #risk through stronger homes and better #LandUsePlanning - essential measures to help tackle rising pressure on insurance costs. A key recommendation is the removal of #StampDuty on insurance, a #tax that, alongside the #GST, currently results in Queenslanders being double taxed for simply protecting their homes. Abolishing stamp duty on insurance would provide immediate #CostofLiving relief for Queenslanders and encourage greater take-up of insurance at a time when it is needed most. Read more: https://lnkd.in/dkc3n2D8

The Insurance Council of Australia welcomes the release of the Joint Standing Committee on Road Safety's report into Electric and Hybrid Vehicle Batteries. The ICA supports the report's key recommendations, including strengthening enforcement of standards for #PersonalMobilityDevices, greater national consistency of standards across jurisdictions, and targeted and coordinated training for #EmergencyServices workers and first responders on the safe management of EV #Batteryfires. A major theme of the report is the need for greater research and data to address emerging risks associated with PMDs. The Insurance Council of Australia recently established a new partnership with Fire and Rescue NSW, aimed at enhancing fire safety education and reducing #risks. This partnership forms a foundation for future initiatives between Fire and Rescue NSW and the #insurance industry that will protect lives, property, and the #environment. Read full report here: bit.ly/3BhIWB0