A high-profile delegation of insurance experts and government officials from Australia is set to embark on a significant study tour of the United States next week. The Insurance Council of Australia (ICA) and the American Chamber of Commerce in Australia (AmCham) are spearheading this five-day tour, which will take participants to Washington, DC, and Sacramento, California.
This inaugural AmCham/ICA US Study Tour aims to facilitate critical discussions on the challenges and solutions related to the insurance market, focusing on strategies to mitigate shared risks. The tour seeks to address the economic ramifications of extreme weather events, which have become increasingly severe and frequent in both the US and Australia. These events include cyclones, fires, and floods that have had a significant impact on communities and infrastructure.
The delegation’s agenda includes addressing the widening protection gap and the urgent need for investment in resilience and mitigation measures to safeguard vulnerable communities. Participants will engage with government agencies, elected officials, insurers, and regulators to explore effective strategies and solutions.
The need for such dialogue has been underscored by recent data from Swiss Re, which reported record-breaking global extreme weather losses of US$280 billion in 2023. Of this total, only US$108 billion was covered by insurance, highlighting a critical gap in protection.
The Australian delegation comprises senior executives from leading insurers such as IAG, Youi, Suncorp, Auto & General, QBE, Allianz, and Hollard, as well as representatives from the ICA. It also includes bipartisan members from the Australian and New South Wales Parliaments who are invested in finding solutions to insurance market challenges. Additionally, representatives from the Department of Prime Minister and Cabinet and the National Emergency Management Agency will participate.
The Insurance Council of Australia plans to continue this essential international dialogue at its Annual Conference in Brisbane in October 2024, where global insurance leaders will convene to further discuss these pressing issues.
