Insurance Council of Australia Declares Catastrophe for Queensland Floods
The Insurance Council of Australia (ICA) declared a catastrophe for insurance policyholders who have been affected by torrential rain and flooding in the northeastern Australian state of Queensland.
“The Queensland government and emergency services have informed the Insurance Council that dozens of homes and businesses may have been affected by the downpour and resulting inundation of the past few days,” said ICA CEO Rob Whelan.
“Many other properties, as well as private and commercial vehicles, may have also have been damaged,” he added.
“As of 8 p.m. on Saturday [Feb. 2], insurers have received about 1900 claims, with insurance losses estimated at A$16.7 million [US$12.1 million],” with many more claims expected, he said.
Most of the rainfall and flooding has hit the coastal city of Townsville and is expected to continue, according to Australia’s Bureau of Meteorology.
Whelan said the ICA has declared a catastrophe to help escalate the insurance industry’s response.
Under an ICA catastrophe declaration, claims from affected policyholders will be given priority by insurers. In addition, claims will also be triaged to direct urgent assistance to the worst-affected property owners.
Source: Insurance Council of Australia (ICA) and Bureau of Meteorology
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