The Insurance Council of Australia has declared a ‘Significant Event’ for parts of Central West NSW impacted by the flooding that began on Saturday, 12 November.
The ICA has also announced that its catastrophe processes have been activated, assisting the ICA and insurers to assess the insurance impact of the current flood event.
It adds that this event may be escalated to an insurance catastrophe if there is a significant increase in claim numbers or complexity, if the geographical spread of this event is extended, or in consultation with insurers.
The Council states that the impact of flooding has been felt most significantly in communities surrounding Central West NSW, in particular Cowra, Forbes, Condobolin, Eugowra and Molong.
The Wyangala Dam is spilling significant amounts of water into the Lachlan River amid heavy rainfall, with residents of nearby Forbes warned to evacuate or risk being cut off, as the state emergency services say the Lachlan River is rising faster than originally forecast.
Footage can be seen online of emergency services using helicopters to rescue those stranded in the most affected areas.
As this is an ongoing event, the ICA strongly encourage all those impacted to put their safety first and adhere to evacuation orders.
ICA CEO, Andrew Hall, commented, “Communities in Central West NSW are bearing the brunt of significant flooding, and for many, this is a recurring event with Forbes experiencing its third devastating flood event in the past four weeks.
“The dramatic footage of Wyangala Dam shows the scale of water and potential damage local communities may face in coming days and given this is still very much an active emergency, the full extent of the damage may not be known by residents until they’re given the ‘all clear’ to return home following widespread evacuations.
“Insurers stand ready to support impacted communities when they need it most and our Significant Event declaration allows us to better monitor and assess this event, so insurers can best respond.”
