The Insurance Council of Australia (ICA) has declared a Catastrophe for large parts of New South Wales, a state in southeast Australia, following the devastating 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.
“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 over 5,000 claims in the past few days,” said Andrew Hall, CEO, Insurance Council of Australia, in a statement.
“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.”
Source: Insurance Council of Australia
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