The Insurance Council of Australia (ICA) has declared a “significant event” for regions of Far North Queensland which have been impacted by severe weather and flooding over the past week, following Tropical Cyclone Jasper.
The category 2 cyclone hit the Queensland coast north of Cairns on Wednesday night last week, before later weakening to a tropical low.
Since striking the Queensland coast of Cairns, thousands of people have been left without power for days and flooded roads have heavily obstructed access to towns in the aftermath.
At the same time, a large chunk of weather stations along the eastern coast have reported more than 500mm of rain in the same four-day period.
Severe weather warnings for heavy rain also remain in place for the Peninsula, Gulf Country and Northern Goldfields and Upper Flinders districts.
All regions impacted by the flood fall under the significant event declaration, where the ICA commences its claims data collection, analysis, and reporting processes in consultation with members.
In addition, the ICA has confirmed that it is working with government and agencies to understand impacts on the community and ensure affected residents receive assistance.
However, while it is too early to determine the complete insurance impact on homes and businesses due to the ongoing emergency, 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.
From what we understand, the impact of flooding has been felt most significantly in communities between Innisfail and Hope Vale.
It has also been confirmed that the ICA and member insurers are already taking action to assist customers, with plans to deploy teams to community centres in impacted regions as soon as waters subside, access to land and air transport is restored, and impacted areas are declared safe by emergency services.
As a result, this will then provide impacted customers with an opportunity to speak in person with their insurer as they begin their claims process.
Kylie Macfarlane, COO, Insurance Council of Australia, commented: “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.
“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.
“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.”
