ICA reports significant rise in claims for Australian Christmas storms

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Insurance companies have received 18,174 claims related to the recent storms across Queensland, New South Wales and Victoria, with the Insurance Council of Australia (ICA) highlighting escalating severity and threat of further extreme weather events over the coming days.

ica-insurance-council-australia-logoEarlier this week, the ICA declared a ‘Significant Event’ for the regions that were impacted by severe storms between December 23rd and Boxing Day.

Today, the ICA has escalated its response to severe storms impacting Queensland, New South Wales and Victoria, which reflects the escalating severity of the situation, the high volume of claims already received, and the anticipated impact of further extreme weather events forecast for the coming days.

So far, insurers have received 18,174 claims related to the storms, with 10,716 claims in the Gold Coast region alone. This is up significantly from the more than 7,500 claims reported by the ICA on December 27th.

The ICA notes that access to storm-damaged areas remains hampered by power outages. The ICA has urged homeowners and business owners whose property or vehicle has been impacted to contact their insurer to initiate the claims process.

ICA COO, Kylie Macfarlane, commented: “Given the immense scale and destructive nature of these storms across eastern Australia, the Insurance Council and insurers are escalating our response to a Catastrophe level to better serve the immediate and future needs of our customers.

“Insurers expect claims volumes to grow in the coming days as more residents gain access to properties and power is restored to some areas, however, it is too early to understand the cost of the damage.

“We encourage residents to put their safety and the safety of their family first and contact their insurer if they need immediate financial assistance.”

The post ICA reports significant rise in claims for Australian Christmas storms appeared first on ReinsuranceNe.ws.

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