Australia’s peak insurance body has made another catastrophe declaration after weeks of unprecedented bushfires devastated homes and wildlife; and this time, it is for the storms and flooding that hit the east coast last week.
As of Monday, the Insurance Council of Australia (ICA) said 10,000 insurance claims had been lodged, with an estimated value of $45 million in losses, mostly for property damage due to storm runoff, flooding, strong winds, and heavy rain.
“Insurers expect a large number of claims will be lodged over the next 48 hours as property owners inspect the damage to homes and businesses and contact their insurers,” said Karl Sullivan, ICA head of risk and operations. “It’s likely many householders are unable to contact their insurers due to telecommunications and power interruptions, but insurers are standing by to help. So far most of the claims are from southeast Queensland and along the New South Wales coastal regions, but damage has also been reported several hundred kilometres inland and in the ACT.”
ICA made the catastrophe declaration to expedite storm-related claims. ICA’s disaster hotline 1800 734 621 has also been activated to provide guidance to affected property owners.
“Insurers are also monitoring the extent of insured damage in Western Australia’s Pilbara region following Cyclone Damien over the weekend,” Sullivan said.
This is the sixth catastrophe declared in the past five months.
