Tag: Insurance Council of Australia

Queensland hailstorm puts pressure on the homeowners insurance sector

Marc
hail storm homeowners insurance

Insurance Council of Australia reports more than 68,000 claims filed due to disaster The Insurance Council of Australia has released information concerning one of the most devastating hailstorms that Queensland has ever seen. The organization noted that the damage caused by the hailstorm was so severe that Queensland’s two largest insurance companies may have to call upon their own reinsurance protection to manage costs. According to the Insurance Council of Australia, more than 68,000 claims have been filed as a result of the hailstorm, and this number is still rising.…

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Homeowners insurance claims in Australia rising quickly from bushfires

Julie Campbell
widlfire homeowners fire Insurance

These wildfires have already brought about claims that have broken the $96 million mark, so far. According to the Insurance Council of Australia (ICA), there have already been more than 900 business, auto, property, and homeowners insurance claims with insurers in Australia, and that this has brought about a loss of over $96 million ($100 million Australian), so far. It is believed that there are more claims that will be filed with each passing day for the next while. A spokesperson for the ICA, Campbell Fuller, explained that assessors for…

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Australian government may need to take aggressive steps to protect the nation from future natural disasters

This year’s natural disasters have reaped a heavy toll on the Australian insurance industry. A number of floods, cyclones, wildfires and other storms have generated a multitude of claims throughout the country, totaling more than $4.39 billion in insured losses. The Insurance Council of Australia (ICA) calls the disasters the worst in recent history. The impact of natural disasters will only get worse if the government does not take measures to protect communities, according to Rob Whelan, chief executive of the ICA. The majority of homes and businesses in regions…

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Australian’s demand flood insurance change

S.Vagus
Queensland Flood Disaster

The recent flood disaster in Queensland, Australia, has impacted thousands and is weighing heavily on insurers and may incite a change in how flood insurance is sold. The waters were indiscriminate – affecting those insured and uninsured. Those who are insured may find that they are not covered under their plan and will be left with nothing. A financial analyst, Joshua Zenas,  is hearing  a definate sentiment of change in the air from consumers and that this will cause companies to be put under the scrutinizing glare of the government. “Given the scale of…

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