,

Insurance Council of Australia

All About the ICA

The Insurance Council of Australia is the representative body of the general insurance industry in Australia. Its members represent more than 90 per cent of total premium income written by private sector general insurers. Insurance Council members, both insurers and reinsurers, are a significant part of the Australian financial services system.

The private sector insurance industry generates gross premium revenue of $41.6 billion a year and has assets of $114.4 billion. The general insurance industry on average pays out $111 million in claims to policyholders each working day.

Insurance Council members provide insurance products ranging from those usually purchased by individuals (such as home and contents insurance, travel insurance and motor vehicle insurance) to those purchased by small businesses and larger organisations (such as product and public liability insurance, commercial property, and directors and officers insurance).

Mission

The Insurance Council of Australia’s mission is to influence, ethically and expertly, the political, social, business and economic environment in order to promote members’ roles in providing insurance protection and security to the community.

Role

The Insurance Council of Australia represents the interests of the Australian general insurance industry.

Established on July 1, 1975, the Insurance Council succeeded the Fire Accident and Marine Underwriters Association, which traced its origins back to 1867.

The Insurance Council was established to act as the peak body for general insurance companies in Australia licensed under the Insurance Act 1973.

Its member groups include insurance and reinsurance companies, Lloyds underwriters, intermediaries and agencies from both the private and public sectors. They account for more than 90 per cent of all insurance business transacted in Australia by authorised insurers. The Insurance Council funds its activities through a membership levy.

 The main objectives of the Insurance Council are to:

  • Represent members’ interests in both domestic and international issues
  • Represent the general insurance sector to government and the community
  • Anticipate and assist the industry to meet the needs of consumers and the community in general
  • Improve the industry’s image
  • Promote community awareness of the role and benefits of insurance
  • Encourage improved service standards across the insurance sector and promote appropriate self-regulation
  • Promote private-sector provision of insurance services
  • Effectively and efficiently manage Insurance Council of Australia resources

The Insurance Council is headed by a Chief Executive Officer, who is responsible to a Board of Directors elected by member companies. They are supported by an executive team who manage a series of divisions as well as by a comprehensive committee structure drawing on industry experts from member companies.

The Insurance Council represents its members, handles issues and develops industry positions through government lobby, public affairs, industry forums, issues management and consumer services, all of which are backed up by technical research and resources.

Members

Ace Insurance Limited

Aioi Nissay Dowa Insurance Company Australia Pty Ltd (Adica)

Allianz Australia Insurance Limited

Ansvar Insurance Limited

AonBenfield Limited

Assetinsure Pty Limited

Auto & General Insurance Company Limited

AVEA Insurance Limited

Avant Insurance Limited

Catholic Church Insurance Limited

AIG Australia Limited

Commonwealth Insurance Limited

Employers’ Mutual Limited

Factory Mutual Insurance Co.

General Reinsurance Australia Limited

Genworth Financial Mortgage Insurance Pty Limited

Guild Insurance Limited

Guy Carpenter & Company Pty Limited

Hallmark General Insurance Company Limited

Hollard Insurance Company Pty Limited, (The)

Insurance Australia Group Limited

Insurance Manufacturers of Australia Pty Limited

JLT Towers Re Pty Ltd

Lawcover Insurance Pty Limited

Lloyd’s Australia Limited

MDA National Insurance Pty Limited

Medical Insurance Australia Pty Limited

MIPS Insurance Pty Limited

Mitsui Sumitomo Insurance Limited

Munich Holdings of Australasia Pty Limited

NTI Limited

OnePath General Insurance Pty Ltd

Progressive Direct Insurance Company

QBE Insurance (Australia) Limited

RAA Insurance Limited

RAC Insurance Pty Limited

RACQ Insurance Limited

RACT Insurance Pty Limited

Sompo Japan Insurance Inc

Southern Cross Travel

Suncorp Group Limited

Swiss Reinsurance Company Limited

Tokio Marine & Nichido Fire Insurance Co Limited

Virginia Surety Company Inc

Westpac General Insurance Limited

Willis Reinsurance Australia Limited

XL Insurance Company SE

Youi Pty Limited

Zurich Financial Services Australia Limited

Other Articles of Interest