Insurance catastrophe declared

The Insurance Council of Australia (ICA) has declared a catastrophe for regions of Victoria that were impacted by recent significant storms and flooding.

The ICA’s Catastrophe Declaration serves to escalate and prioritise the insurance industry’s response for affected policyholders.

Under the Catastrophe declaration, claims from affected policyholders will be given priority by insurers and claims will be triaged to direct urgent assistance to the worst-affected property owners.

Andrew Hall, CEO, Insurance Council of Australia said: “It’s too early to understand the extent of the damage to property in affected areas and to estimate the insurance damage bill, however insurers have received more than 6,500 claims in the past few days.

As many areas are currently inaccessible due to floodwater, insurers are expecting further claims in coming days as emergency services allow residents to return to their properties to examine the extent of their damage and losses.”