While too early to estimate total damage costs, ICA notes insurers paid out almost $1 billion in February 2020 east coast storms and floods
Policyholders have lodged 11,700 insurance claims associated with the devastating storms and flooding in NSW, with further claims being made since those numbers were reported, according to the Insurance Council of Australia (ICA).
The claims show the areas with the most claims are the NSW mid-north coast towns of Port Macquarie, Kempsey, Laurieton, and Taree, and west of Sydney around Penrith and in the Hawkesbury-Nepean valley.
It is too early to estimate the cost of the damage as access to inundated properties is restricted and many remain isolated, however as a point of comparison insurers paid out almost $1 billion in relation to the February 2020 east coast storms and flooding event.
Following the 2011 Brisbane floods insurers now use a standard flood definition for home building and contents policies.
With respect to South East Queensland, the ICA continues to work closely with members to determine if a catastrophe declaration is required for that area.
According to Andrew Hall, CEO, Insurance Council of Australia: ”This remains an active natural disaster and it will take some time to gain a clearer picture of the damage. Insurers expect a large number of claims will be lodged in coming days as property owners begin returning to homes and businesses.”
“Insurers are already contacting policyholders in impacted areas to help with the claims process and providing temporary accommodation to residents who have been displaced.”