Is the Insurance Council of Australia (ICA) planning a merger with its New Zealand counterpart? The answer is, probably not. But that’s the scuttlebutt from reliable industry sources in Sydney, who say a report on a possible merger is being prepared for the ICA board.

But an ICA spokesman says it’s all news to him, and ICNZ CEO Chris Ryan yesterday told Sunrise Exchange News he knows nothing about such a plan.

“I haven’t been approached about it,” Mr Ryan said. “I’ve had no formal contact with ICA.”