Australian insurance experts head to US to tackle extreme weather challenges
Australian insurance experts head to US to tackle extreme weather challenges | Insurance Business Australia
Insurance News
Australian insurance experts head to US to tackle extreme weather challenges
Insurance leader highlights shared challenges facing Australian and North American insurance markets
Insurance News
By
Roxanne Libatique
A delegation of Australian insurance experts and government officials, led by the Insurance Council of Australia (ICA) and the American Chamber of Commerce in Australia (AmCham), will embark on a five-day study tour to the US.
The inaugural AmCham/ICA US Study Tour will visit Washington, DC, and Sacramento, California, with the aim of addressing insurance market challenges and exploring solutions for shared risks.
Topics to be discussed by delegation of Australian insurance experts and government officials
This initiative seeks to tackle the economic impact of frequent and intense extreme weather events, which are issues both countries face.
The tour follows a year of record-breaking extreme weather losses globally in 2023, with Swiss Re estimating total losses at US$280 billion, only US$108 billion of which were insured.
The delegation includes senior executives from IAG, Youi, Suncorp, Auto & General, QBE, Allianz, and Hollard, as well as representatives from the ICA. Bipartisan members from the Australian and New South Wales Parliaments, the Department of Prime Minister and Cabinet, and the National Emergency Management Agency are also part of the group.
The Insurance Council plans to continue these international discussions at its Annual Conference in Brisbane in October 2024, where global insurance leaders will convene.
“The Australian and North American insurance markets are facing strikingly similar challenges
around affordable and available home insurance,” he said. “Rapidly growing populations, growing asset values all in areas that are vulnerable to extreme weather is testing the overall durability of the insurance market.”
He also highlighted the importance of the Australian-American relationship in addressing the protection gap in private insurance markets through closer cooperation. Updates from the delegation’s bilateral meetings at the federal level in Washington, DC, and at the state level in Sacramento, California, will be shared.
“The Australian-American relationship is deep across many other areas of shared economic and defence priorities. Our shared challenge of improving the protection gap in our private insurance markets is yet another area where closer collaboration and cooperation can provide useful benefits for both countries,” he said. “We look forward to sharing updates from important bilateral meetings over the coming week at a federal level in Washington DC and at a state level in Sacramento, California.”
Delegation participants led by the ICA and AmCham
Christine Stasi – Group Executive, People, Performance and Reputation, IAG
Nathaniel Simpson – Chief Executive Officer, Youi
James Fitzpatrick – Chief Technical Officer, Allianz
Ram Kangatharan – Group Managing Director and CEO, Asia Pacific, Auto & General
Andrew Ziolkowski – AUSPAC Chief Underwriting Officer, QBE
Anna Cartwright – Executive General Manager, Home Prevention & Protection Portfolio, Suncorp
Suzi Leung – Chief Commercial Officer, Hollard Insurance Australia
Julie Batch – Chief Executive Officer, NRMA Insurance, IAG
Kylie Smith – Executive General Manager, Corporate Affairs, Climate and Sustainability, IAG
Andrew Hall – Executive Director and CEO, ICA
Jason Dymowski – Assistant Secretary, Insurance Affordability and Natural Hazard Risk Reduction Taskforce, Prime Minister and Cabinet
Dr Jill Charker – Deputy Coordinator-General, Disaster Resilience and Recovery, National Emergency Management Agency
Senator Perin Davey – Senator for New South Wales, Deputy Leader of the Nationals, Shadow Minister for Water, Shadow Minister for Emergency Management, Parliament of Australia
Garth Hamilton MP – Federal Member for Groom, Deputy Chair, House of Representatives Standing Committee on Economics, Parliament of Australia
Senator Dean Smith – Shadow Assistant Minister for Competition, Charities and Treasury, Parliament of Australia
Susan Templeman MP – Federal Member for Macquarie, Special Envoy for the Arts, Parliament of Australia
Janelle Saffin MP – Member for Lismore, Deputy Government Whip, and Parliamentary Secretary for Disaster Recovery, Parliament of New South Wales
Alix Pearce – Director, Climate and Social Policy, ICA
Josh Edwards – Head of Special Projects, AmCham Australia
The ICA recently welcomed the New South Wales government’s 2024-25 Budget, which expands the state’s efforts to help communities affected by severe weather and natural disasters in building resilience.
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