Insurance Council declares ‘significant event’ for NSW floods

The Insurance Council of Australia (ICA) has declared a ‘significant event’ for regions of New South Wales impacted by significant storm and flooding over the past few days.

The ICA’s preliminary catastrophe processes have been activated, assisting the ICA and insurers to assess the insurance impact of the current flood event.

Under a significant event declaration:

  • The ICA commences its claims data collection, analysis, and reporting processes in consultation with members.
  • ICA representatives will continue to work with government and agencies to understand impacts on the community and ensure affected residents receive assistance.
  • The ICA’s disaster hotline is activated 1800 734 621; offering assistance to policyholders if they are uncertain of their insurance details or have general enquiries about the claims process.

This event may be escalated to an insurance catastrophe if there is a significant increase in claim numbers or complexity, if the geographical spread of this event is extended or in consultation with insurers.

The impact of flooding has been felt most significantly in communities surrounding the Hawkesbury and Nepean Rivers, however all regions impacted by flood in NSW since 1 July fall under the significant event declaration.

This remains an unfolding weather event and insurers’ priority is community safety. We strongly encourage all those impacted to put their safety first and adhere to evacuations orders.

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