The Insurance Council of Australia (ICA) has tweeted that the number of claims relating to the storms and resultant flooding in New South Wales has reached 4,360.
According to the ICA, 84% of the claims received have been for property and 14.5% have been for motor. However, it says that it is still too early to estimate the cost of the insured damage. Amongst the claims filed with insurers was 1,233 that have been sent in the direction of firm IAG. Like the ICA, IAG said that the majority of claims had been for storm damage to properties.
Nick Hawkins, managing director and CEO of the insurer, said: “At this stage the majority of claims received so far are for water entering through roofs, wind damage and fallen trees.”
He added: “With our Major Event Response Team in place all year round we’re well prepared to respond to multiple severe weather events and our teams are assessing damage to properties wherever possible, conducting Make Safe repairs and will be on the ground in the flood impacted areas as soon as waters recede.”
Earlier this week, the ICA said it had declared a ‘significant event’ for regions of New South Wales that had been impacted by the weather. This meant that the ICA’s preliminary catastrophe processes have been activated, assisting the ICA and insurers to assess the insurance impact of the current flood event.
After a significant event declaration:
- The ICA commences its claims data collection, analysis, and reporting processes in consultation with members.
- ICA representatives will continue to work with government and agencies to understand impacts on the community and ensure affected residents receive assistance.
- The ICA’s disaster hotline is activated 1800 734 621; offering assistance to policyholders if they are uncertain of their insurance details or have general enquiries about the claims process.
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.
As Reinsurance News reported earlier this week, Australia has been hit by more significant rainfall and strong winds as an East coast low batters the country, with parts of Sydney particularly badly hit as 350 mm of rainfall has been recorded and numerous rivers reach flood stage. Up to 50,000 people have been urged to evacuate their homes, while parts of Sydney has been inundated with eight months of rain in about four days.
Thousands of households have been told to evacuate due to flood warnings and an expectation of more rains to come.
Southwest and northwest Sydney have seen properties flooded, while the Hawkesbury-Nepean Valley area is being warned that the worst flooding may still be to come.
This flooding in Australia comes as parts of the eastern and southeast coast of the country continue to recover from flooding earlier this year.
