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Flood damage ‘wildly disproportionate’ to known exposure: ICA 

04 December 2023

Flood events accounted for more than 54% of losses from declared insurance events in the last five years despite only a small percentage of properties known to be at risk, the Insurance Council of Australia (ICA) says in a submission to a parliamentary inquiry...

Caravan park in first industry test case wins AFCA BI dispute 

27 November 2023

A caravan park near Tamworth that was part of the first covid-related business interruption test case on exclusions citing the Quarantine Act will have its claim paid after the Australian Financial Complaints Authority ruled in its favour on other parts of the cover...

ICA says progress made on climate change roadmap 

27 November 2023

The Insurance Council of Australia says in the first annual update on its climate change roadmap that more than 85% of members surveyed have set organisation-wide net zero targets by 2050 or earlier, and more than 60% have also set interim targets...

Scientists crunch data from ocean bottom seismic sensors 

27 November 2023

An international team of scientists set sail from Wellington on Saturday to lay an offshore network of seismic sensors on the ocean floor to give a better understanding of earthquake and tsunami risk from New Zealand’s largest and most active fault, the Hikurangi Subduction Zone...

BI class action notices to be sent out next year 

13 November 2023

Notices inviting policyholders to register their interest in business interruption class actions triggered by pandemic disruptions will be sent out by early February following preliminary Federal Court hearings to approve the process...