ICA extends ‘insurance catastrophe’ declaration
ICA extends ‘insurance catastrophe’ declaration | Insurance Business Australia
Catastrophe & Flood
ICA extends ‘insurance catastrophe’ declaration
Nearly 38,000 claims filed related to event since Christmas period
Catastrophe & Flood
By
Roxanne Libatique
The Insurance Council of Australia (ICA) has extended the “insurance catastrophe” declaration for the recent storms, rain, and flooding affecting the east coast from Christmas through to the New Year.
The extension underscores the widespread impact of severe weather conditions in Queensland, New South Wales (NSW), and Victoria.
“The volume and intensity of the storms that have impacted three states prior to Christmas has caused substantial damage,” said ICA CEO Andrew Hall. “These severe storms have caused significant stress and uncertainty to those impacted, and insurers are already assisting customers with claims and the recovery process.”
Insurance catastrophe declaration
With almost 38,000 insurance claims filed since December 23, the ICA’s insurance catastrophe declaration – designated as Cat 233 – plays a pivotal role in enhancing and prioritising the insurance industry’s response for affected policyholders. Key aspects of the catastrophe declaration include:
claims from affected policyholders receiving priority from insurers;
triage of claims to expedite urgent assistance for the most severely affected property owners;
mobilisation of ICA representatives to collaborate with local agencies and services, assisting affected policyholders as soon as emergency services declare it safe to do so;
deployment of insurers’ disaster response specialists to aid affected customers with claims and assessments, contingent on emergency services confirming safety; and
establishment of an industry taskforce to identify and address issues arising from this catastrophe.
Insurers’ data reveals that the Gold Coast has witnessed the highest concentration of claims, the ICA reported.
“Insurance assessors are being deployed to the most recently affected communities from [January 3],” Hall said. “Those impacted should contact their insurer even if they don’t know the full extent of the damage.”
The ICA and insurers are collaborating with government authorities to ensure insurance customers receive timely access to information and assistance.
Related Stories
Keep up with the latest news and events
Join our mailing list, it’s free!
