Australia’s Valentine’s Day storms estimated industry cost hits $104m: ICA

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The Insurance Council of Australia (ICA) has revealed that claims for the severe thunderstorms that impacted Victoria on Valentine’s Day have risen to 19,932, with an estimated cost to the industry so far of $104 million.

ica-insurance-council-australia-logoAccording to the ICA, around 85% of claims are related to home and contents damage, reflecting the heavy rainfall, flooding, and strong winds experienced across the region.

Around 9,170 claims for damaged contents totalling $10 million have been lodged, with nearly 30% having reportedly been closed.

Recognising the widespread impact, the ICA declared the 14 February storms a ‘Significant Event’, triggering a heightened level of support for customers dealing with storm damage and power outages.

ICA CEO Andrew Hall, commented, “These storms caused extensive damage across Victoria and show us just how quickly and unexpectedly extreme weather events can occur.

“The significant number of claims reflects the severity of the event, and insurers are working hard to support customers impacted by this event.

“The declaration of a ‘Significant Event’ prioritises claims for insurers and will assist impacted Victorians getting back on their feet.”

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