Magazine date:
Apr 2012 Australians will have to face rising costs of insurance due to the increase of reinsurance tariffs. The Insurance Council of Australia (ICA) is quite concerned about result prospects for the sector if no measure is adopted to mitigate the scale of floods. ICA has once again declared the state of natural catastrophe early March 2012 following the floods which affected Victoria and South New Scotland provinces. Most insurers have understate the financial impact of these events but expected reinsurance costs to rise.