Insurance Council of Australia

The release of Interim Report by the Independent Code Review Committee is an important step in the #insurance industry’s ongoing efforts to ensure the Code continues to serve #customers. The interim report contains 104 recommendations which cover a number of areas, including #financial #hardship, #customer vulnerability, #claims handling, enforceability and #governance. Read more in our media release. https://bit.ly/3Mxx3JF

Today the Insurance Council of Australia launched its first Insurance Industry Talent Roadmap —a comprehensive six-year strategy aimed at attracting, retaining, and developing #talent to the #insurance sector. This initiative is crucial for sustaining the industry’s vitality and #resilience, ensuring it continues to provide essential protection for individuals and communities. Supporting the Talent Roadmap, the ICA is concurrently launching an industry #advertising campaign aimed at improving consideration of working in #insurance, featuring real people who work in our industry in some of the unique, interesting, or unexpected jobs that help to keep our country moving. Together, these initiatives represent a coordinated effort by the insurance industry to build a strong, #diverse, and capable #workforce that can meet the challenges of the #future. Read more about #InsuranceCareers on our website: https://lnkd.in/gWw7j8Un

Today in Brisbane marked the 8th meeting of the Hazard Insurance Partnership, with incoming Minister for Emergency Management Jenny McAllister and three new insurers joining the partnership, Hollard Insurance Australia, Swiss Re and Munich Re.   The Hazard Insurance Partnership (HIP) plays a vital role in combining industry #data and government insights to identify #resilience and #mitigation opportunities that can reduce #risk in Australia’s natural and built #environment.   With Australia’s #disaster season on the horizon, this sort of collaboration is more important than ever, and we look forward to ongoing engagement and collaboration with Government so together we can ensure a stronger and more #resilient Australia.

The Queensland State Emergency Services (SES) are essential stakeholders and partners for the #Insurance industry, especially in the aftermath of extreme weather events. This SES Week, the Insurance Council of Australia expresses its support and gratitude to the volunteer SES squads in #Queensland and across Australia for their tireless work in supporting communities when they need it most. #ThankYouSES

On behalf of the team - congratulations Andrew Hall for winning ‘Insurance Leader of the Year' at ANZIIF’s 20th Australian #Insurance Industry Awards. Since you started at the Insurance Council of Australia four years ago - you have challenged us to be bold and take big swings - creating a #culture that fosters #ideas, where we have fun, and where we get results. Last night’s award was well-deserved recognition of the impact you’ve made in our industry and on our team. #AUInsAwards

Collaboration between industry and government is crucial to reducing #risk and addressing the #insurance protection gap. Last night’s Parliamentary Friends of Insurance event at Parliament House in #Canberra, provided an excellent platform for these important discussions, particularly in light of rising risks driven by extreme #weather and a growing population in high-risk areas. The Insurance Council of Australia’s Catastrophe Resilience Report served as the foundation for a #data driven discussion on the #economic and #social impacts of #ExtremeWeather events. Co-chaired by Susan Templeman MP and Senator Dean Smith with remarks from Speaker of the House Milton Dick MP and our CEO Andrew Hall, the event underscored the power of collaboration in driving meaningful change. A big thank you to all who attended. Parliament of Australia, Kate O'Loughlin, Zali Steggall OAM MP, Mathew Jones, Amy Smith, Riley Williamson, Alexandra Hordern, Eamon Sloane, Duncan Sheppard, Pha Tran, Nicole Mills, Leisha Watson, Sonia Charalambou

The #economic case for ongoing #investment in #resilience and #mitigation at a household, #business, #community, and #infrastructure level is clear: the cost of extreme #weather events is rising, and risks are growing. 📌 The impact of extreme weather on the Australian #economy has tripled over the last three decades. 📌Over the past 30 years, #insurers have paid an average of $2.1B annually to customers affected by extreme weather events. But looking at the last five years, this figure more than doubles to an average of $4.5B a year. While these numbers are significant, it’s the #human and #social impact that is even more compelling. We can’t afford to wait until #disaster strikes. We must act now by prioritising policies that #mitigate the effects of extreme weather and reduce #risk —key factors in moderating #insurance #premiums. These insights and more are highlighted in the Insurance Council of Australia’s fourth annual Insurance Catastrophe Resilience Report, released today. 🔗 Read more in our #media release: https://bit.ly/46TtxCr

The Expert Report Best Practice Standard has been developed by the Insurance Council of Australia to establish greater consistency in the format and delivery of reports requested by #insurers from #hydrologists, #engineers, #builders, or specialist tradespeople. This new standard, developed in consultation with #consumer advocates, outlines how the Report is to be used and what #insurance customers should expect. It ensures: - Plain and clear language - Factual and neutral reporting - Timely delivery - Consideration of customer vulnerabilities Read more in our Media Release: https://bit.ly/3AD8AQ4

We know that building homes away from harm is essential to reducing #risk, but it's a complex challenge given Australia’s rising population and worsening extreme weather.   Decisive action is essential to ensure that Australian homes, businesses, and communities are better protected from #floods and other extreme weather events. That's why the Insurance Council of Australia and the Planning Institute of Australia are jointly calling on local, state, and federal governments to push forward with much-needed planning and #policy reforms.   Today, experts from #government, #financial services, property, and the community gathered in Brisbane at the 2024 National Industry Roundtable on Land Use Planning and Resilience to declare that "the time is now" for action on #LandUsePlanning reforms.   This forum highlighted the critical need for industry and government to work together to protect lives and properties from intensifying #flooding, #bushfires, and #cyclones by prioritising low-risk areas for new development. bit.ly/4cweP5A Planning Institute of Australia, Andrew Hall, Matt Collins, Stephen Dredge, Anna Cartwright, Alix Pearce, Duncan Sheppard, Insurance Council of Australia, Anna Bligh, Brendan Moon AM, Queensland Reconstruction Authority, James Cook University, Jimmy Scott, David Henderson, National Emergency Management Agency, Jacki Johnson, Linda Scott (GAICD)

Today, Fire and Rescue NSW (FRNSW) and the Insurance Council of Australia (ICA) committed to reinvigorating the historic partnership between the #insurance industry and Fire and Rescue. Working collaboratively, the ICA and FRNSW can leverage their combined expertise, building a shared view of current and emerging #risk in in the face of new technologies and worsening extreme #weather fuelled by #ClimateChange. United in our shared mission to protect lives and property, this collaboration will help enhance public awareness and reduce risk in our natural and built #environment. This includes plans to focus on the increase in lithium-ion #battery #fires across the state, following the NSW Government’s announcement of strict new standards on lithium-ion battery powered personal mobility devices. Read more: https://bit.ly/4clFgem