ICA declares ‘significant event’ for Far North Queensland

ICA declares ‘significant event’ for Far North Queensland | Insurance Business Australia

Catastrophe & Flood

ICA declares ‘significant event’ for Far North Queensland

Preliminary extreme weather processes activated

Catastrophe & Flood

By
Roxanne Libatique

The Insurance Council of Australia (ICA) has officially declared a “significant event” for Far North Queensland in response to the recent severe weather and flooding triggered by Tropical Cyclone Jasper.

The initiation of the ICA’s preliminary extreme weather protocols aims to prompt the evaluation of the insurance impact resulting from the ongoing flood event.

Significant event declaration

Under the “significant event” declaration, the ICA has commenced claims data collection, analysis, and reporting procedures in collaboration with its members. Simultaneously, ICA representatives will actively engage with government and agencies to understand the community-level consequences and ensure affected residents receive appropriate assistance.

“The insurance industry is committed to supporting customers impacted by flooding and storm damage following Tropical Cyclone Jasper. This significant event declaration activates additional services and resources to ensure timely and efficient assistance,” said ICA COO Kylie Macfarlane. “If your property has been impacted, please contact your insurer as soon as possible to commence the claims process, even if you do not know the full extent of damage.”

The impact of flooding has been most pronounced in communities between Innisfail and Hope Vale. Nevertheless, all regions affected by the flood, subsequent to Tropical Cyclone Jasper, fall under the significant event declaration.

While it is too early to determine the complete insurance impact on homes and businesses, the event might be elevated to an insurance catastrophe if there is a substantial surge in claim numbers or complexity, an extension of the geographical spread, or in consultation with insurers.

The ICA and member insurers are mobilising resources to assist affected customers. Plans are underway to deploy teams to community centres in impacted regions promptly after water levels subside and access to land and air transport is reinstated. These actions will be implemented once emergency services declare affected areas safe, providing impacted customers with an opportunity to engage in person with their insurers as they initiate their claims process.

“Insurers understand this is a distressing time for policyholders in the lead up to Christmas and will be placing a high priority on claims lodged following this event,” Macfarlane said.