Australia’s storms may cost insurers $28 million

Insurance Council of Australia (ICA) has declared an insurance catastrophe after the storms that pounded the east coast of Queensland and New South Wales (NSW) over the weekend.

By Monday, June 6, insurers had received more than 11,150 claims across both states, with estimated insured losses of A$38 million (USD$28 million), the ICA

The ICA’s Acting CEO Karl Sullivan said the catastrophe declaration enabled insurers to fully harness the industry’s disaster response resources.

“So far most claims concern typical storm damage, such as roof and gutter damage, and damage due to fallen trees. There are also reports of cars being flooded in some locations,” Sullivan added.

“The ICA expects the number of claims will keep rising over coming days as evacuated residents return to their homes to assess the damage,” he affirmed.

“Insurers are also standing by to assist their policyholders in Victoria and Tasmania as the low pressure system pushes southwards.”

Under the catastrophe declaration, the ICA has: Established a taskforce of senior insurance industry figures to address and identify any issues that arise
Activated its disaster hotline to help policyholders if they are uncertain which insurer they are with, or have general inquiries about the claims process
Started preparing to send ICA staff to work directly with affected policyholders.