The Insurance Council of Australia (ICA) has unveiled the latest statistics indicating the significant effects and financial repercussions of the intense thunderstorms that struck Victoria on Feb. 14.
According to the ICA, the event led to the submission of 19,932 insurance claims, with a predominant focus on home and contents damage due to the severe weather conditions experienced, including torrential rain, floods, and potent winds. The total estimated cost attributed to these storms has soared to $104 million.
Out of the total claims, about 9,170 were for content damages alone, amounting to $10 million, with close to 30% of these claims already processed and closed.
In light of the widespread devastation caused by the February storms, the ICA has officially recognised the date as a “significant event.” This designation is crucial as it escalates the level of assistance available to those affected by the storms, especially in terms of handling damages and navigating through power disruptions.
“These storms caused extensive damage across Victoria and show us just how quickly and unexpectedly extreme weather events can occur,” said ICA CEO Andrew Hall. “The significant number of claims reflects the severity of the event, and insurers are working hard to support customers impacted by this event.
“The declaration of a ‘significant event’ prioritises claims for insurers and will assist impacted Victorians getting back on their feet.”
