Insurance Council Releases 2020-21 Catastrophe Report
3rd November 2021
The Insurance Council of Australia (ICA) has released the Insurance Catastrophe Resilience Report: 2020-21.
The report outlines the significant impact of natural disasters on communities across four states, including the East Coast storms and floods, and the Victorian storms and floods. The report states “Natural disasters are by their very nature mostly unexpected and unforeseen, but that does not mean their risks and consequences cannot be protected against by appropriate policy settings and targeted investment in mitigation.”
Policy responses suggested include investing in resilience, improving building quality and standards, better land use planning and operational adjustments within the insurance sector.
The ICA will provide a presentation on the report and the latest developments in flood insurance at the Online FMA Quarterly Meeting on 18 November.