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, Lloyd's 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.