Host 'subweb.ibtimes.com' is not allowed to connect to this MySQL serverSELECT tid,hits,start_time FROM biztimes_stats.stats_articles_au WHERE tid='432956' Host 'subweb.ibtimes.com' is not allowed to connect to this MySQL serverSELECT cmt_count FROM ib_articles_counts WHERE id='432956' Host 'subweb.ibtimes.com' is not allowed to connect to this MySQL serverSELECT * FROM ib_sources WHERE id='3001' Host 'subweb.ibtimes.com' is not allowed to connect to this MySQL serverSELECT * FROM ib_articles_options WHERE article_id='432956' Host 'subweb.ibtimes.com' is not allowed to connect to this MySQL serverSELECT article_id FROM ib_topics_index WHERE tid='453' ORDER BY id DESC LIMIT 10Host 'subweb.ibtimes.com' is not allowed to connect to this MySQL serverSELECT article_id FROM ib_topics_index WHERE tid='389' ORDER BY id DESC LIMIT 10Host 'subweb.ibtimes.com' is not allowed to connect to this MySQL serverSELECT * FROM ib_rates WHERE article_id='432956' LIMIT 1 No Hike in Insurance Premiums, Assures Australia’s Insurance Industry - International Business Times

No Hike in Insurance Premiums, Assures Australia’s Insurance Industry

  • Rate this Story
  • 0
  • 0

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."

Read more:

Queensland 2013 Floods Tops 2011 Tragedy

Queensland 2013 Floods: Donations to Victims Come in Trickles, Cites Donor Fatigue

Queensland 2013 Floods: Residents of Bundaberg Rebuilds, Relocates to New But Temporary Village

To report problems or to leave feedback about this article, e-mail:

To contact the editor, e-mail:

Host 'subweb.ibtimes.com' is not allowed to connect to this MySQL serverSELECT id FROM ib_slideshows WHERE timestamp>1413942599 AND hits>0 AND outkey='Y' ORDER BY hits DESC LIMIT 10Host 'subweb.ibtimes.com' is not allowed to connect to this MySQL serverSELECT id FROM ib_slideshows WHERE timestamp<1413942599 AND timestamp>1413683399 AND hits>0 AND outkey='Y' ORDER BY hits DESC LIMIT 10
  • Rate this Story
  • 0
  • 0

Join the Conversation

IBTimes TV
E-Newsletters

We value your privacy. Your email address will not be shared.