No Hike in Insurance Premiums, Assures Australia’s Insurance Industry
By Esther Tanquintic-Misa | February 8, 2013 6:46 PM EST
The Insurance Council of Australia (ICA) has assured Australian stakeholders and consumers that there would be no hike in insurance premiums even as it faces some $674 million worth of claims from victims affected by the recent floods and fire disasters that hit at least three various states of the country.
To date, the ICA has received a total of 53,711 natural disaster-related claims from Queensland and 11,400 claims from NSW and Tasmania, which when translated to monetary value, amounts to $553 million and $121 million, respectively. The figure could still rise as more claims are still being expected.
Campbell Fuller, council spokesman, said the industry was well prepared for the scenario.
"Insurers had anticipated, with the help of the weather bureau of course, a season of higher than normal floods and also more cyclones crossing the coast," he told ABC radio on Friday.
"They've made the appropriate commercial, prudential and logistical preparations for this summer."
Stakeholders and consumers are wary the industry will impose premiums increases owing to the Queensland 2011 floods and Cyclone Yasi experience where the industry mounted up their premiums.
"That was a confluence of events that led to more than $5.4 billion in insurance losses in just 12 months," Mr Fuller said.
"So that's an extraordinary thing for an industry to recover but in this instance, 2013, much of this has been anticipated and preparations are in place."
To report problems or to leave feedback about this article, e-mail:
To contact the editor, e-mail:
Most Popular Slideshows
- Taylor Swift Named Forbes' Second Highest Paid Country Musician [PHOTOS]
- Celebrities Who Got Pregnant Using IVF: Busting the Myths About IVF
- Global Aviation Accidents: UN to Form Safety Task Force, Gov'ts Should Share Intelligence Info to Avert Future Incidents on Flying Over Warzones (PHOTOS)
- PageSix: Beyonce & Jay Z Union is Not About Love, All About Business & the Brand
Join the Conversation
- Australia Asked National Media to Suppress Multi-National Corruption Case: WikiLeaks
- MH17: Separatist Soldier Holds Aussie Reporter at Gun Point
- U.S. ‘Defends’ Israel for ‘Disgraceful’ Attack on UN School in Gaza that Killed 15
- Gold in China: 127-Tonne Gold Reserves Tapped in Xinjiang
- NSW Braces for Severe Weather Condition
- Freshly Leaked Apple iPad Air 2 Cases Confirm Touch ID Sensor; Release Date, Limited Specs and Price Listed
- Moto X Android 4.4.4 KitKat Update Guide: Schedule and How to Install
- Top 4 Reasons Why iPhone 6 Will Hit Big Soon After its Sept 2014 Release Date
- Top Surprising Features Of iOS 8
- Twin Malaysia Airlines MH370, MH17 Aviation Disasters Create Phobia Among Travellers
- OnePlus One vs. Moto X+1 – Early Specifications, Release Date and Price Faceoff