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