Insurance Council of Australia Declares Flood Catastrophe for Regions of Victoria

The Insurance Council of Australia (ICA) has declared a catastrophe for regions of Victoria affected by significant storms and flooding of the last few days.

The ICA’s catastrophe declaration serves to escalate and prioritize the insurance industry’s response for affected policyholders.

The impact of the flooding has been felt most significantly in Gippsland around Traralgon and in the Yarra Ranges, however the declaration covers all claims related to the event last week.

“It’s too early to understand the extent of the damage to property in affected areas and to estimate the insurance damage bill, however insurers have received more than 6,500 claims in the past few days,” commented Andrew Hall, CEO, ICA.

“The insurance industry has made this Catastrophe Declaration to activate services and support for affected homeowners and businesses and reassure them that their insurer is there to help,” he added.

“As many areas are currently inaccessible due to floodwater, insurers are expecting further claims in coming days as emergency services allow residents to return to their properties to examine the extent of their damage and losses,” Hall said.

Photograph: Flag of Australian state of Victoria.