ICA starts evidence
ICA is up now. CEO Rob Whelan is giving an opening statement. He's flanked by Head of Regulation Policy John Anning and Head of Risk and Operations Karl Sullivan.
He's talking about the catastrophic summer, which saw $4.6 billion of claims, and insurers' response to the devastating bushfires.
"This is the worst natural disaster season on record and insurers are fulfilling their promises," Mr Whelan says.
Insurance is being disrupted by COVID-19 in the same way as the rest of the economy, he says, but the industry continues to operate.
"Insurers are focused on helping customers through these difficult times," he says, referring to customer-support measures announced by many companies.
On the Hayne royal commission, he says the recommendations are supported and work is ongoing.
However he notes Hayne "did not find any systemic issues within the general insurance industry".