Insurance Catastrophe declaration expands to NSW as extreme weather continues

The declaration – which priorities claims from affected policyholders and triaged to direct urgent assistance to the worst-affected property owners – was extended over the weekend for South-East Queensland and now includes areas in NSW including the south to mid-north coast.

Since 21 February, insurers have received almost 15,000 claims from policyholders due to extreme rainfall in Queensland and NSW; a 33 per cent increase on figures calculated on 27 February.

“Personal safety should be the number one priority as this extreme weather event continues to impact communities along the East Coast,” ICA CEO Andrew Hall said.

“It’s too early to estimate the insurance damage bill as many property owners remain in evacuation centres and flood waters continue to rise in many areas, or in others, recede slowly.

“The insurance industry expects the number of claims to rise significantly as policyholders return to their homes and businesses.

“Insurers are already assisting policyholders, and stand ready to provide on-the ground assistance as soon as it is safe to do so,” he added.

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.