The Insurance Council of Australia (ICA) has declared the Valentine’s Day storms that struck the Australian state of Victoria as a ‘Significant Event’, escalating insurers response for impacted customers.
In a recent statement released by the company, it reveals that insurers have received 9,947 claims related to the storm, which saw around 530,000 homes left without power across the state.
Moreover, the ICA’s preliminary extreme weather processes have been activated to assess and monitor the insurance claims impact of the event on February 14.
The storms fall under the significant event declaration, where the ICA commences its claims data collection, analysis, and reporting processes in consultation with members.
At the same time, the ICA has confirmed that it is working with government and agencies to understand impacts
on the community and ensure affected residents receive the assistance they need.
ICA CEO Andrew Hall, commented: “Insurers have reported a large uptick in claims over the past day, with an increase of more than 3,000 claims in 24 hours – a clear signal that we need to activate services and support for affected homeowners, motorists and businesses and reassure them that their insurer is there to help.
“We are hearing from our members that most of the damage to homes and businesses has been as a result of fallen debris from trees and bushland, as well as the extended power outages. However, it’s too early to understand the full extent of the damage and to estimate the insurance damage bill.
“Insurers are also closely monitoring the bushfire situation in Victoria and encourage those impacted to adhere to the advice of emergency services and stay safe.”
