Floods in Victoria declared an insurance catastrophe
The Insurance Council of Australia (ICA) has declared an insurance catastrophe for regions of Victoria impacted by the wild weather, significant storms and riverine flooding of the last few days.
The Victoria State Emergency Service (VICSES) has revealed that it has had the busiest week in the history of the service, with over 9,000 requests for assistance across the state as VICSES responded to rain and extreme weather conditions, which caused significant damage.
ICA, CEO, Andrew Hall said, “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 more than 6,500 claims in the past few days.”
“The insurance industry has made this Catastrophe Declaration to activate services and support for affected homeowners and businesses and reassure them that their insurer is there to help.”
The Victorian Government has also announced Personal Hardship Assistance Program emergency relief payments are available to help meet immediate needs, including emergency food, shelter, clothing and personal items. Information on how to access the relief payments, along with other recovery information can be found on the Vic Emergency website www.emergency.vic.gov.au/relief
“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,” Hall added.
A big thank you to Acting Premier @JamesMerlinoMP for dropping by the Emerald SES unit today to thank the volunteers for their incredible work in recent days! ? pic.twitter.com/tpLovDTqiG
— VICSES News (@vicsesnews) June 14, 2021
The ICA’s Catastrophe Declaration serves to escalate and prioritise the insurance industry’s response for affected policyholders.
Under the Catastrophe declaration:
• Claims from affected policyholders will be given priority by insurers
• Claims will be triaged to direct urgent assistance to the worst-affected property owners
• The ICA’s disaster hotline has been activated – 1800 734 621 – to assist policyholders if they are uncertain of their insurance details or have general inquiries about the claims process. (Please note: this is not a claims lodgement service.)
• ICA representatives will be mobilised to work with local agencies and services and affected policyholders as soon as emergency services say it is safe to do so
• Insurers will mobilise disaster response specialists to assist affected customers with claims and assessments as soon as emergency services say it is safe to do so
• An industry taskforce has been established to identify and address issues arising from this catastrophe
The impact of the flooding has been felt most significantly in Gippsland around Traralgon and in the Yarra Ranges, however the declaration covers all claims related to the event last week.