ICA declares NSW floods a ‘significant event’, with 8,400 claims made thus far

The ICA has declared a ‘significant event’ for NSW regions impacted by the July 2022 storms and floods, reporting over 8,400 insurance claims received and an estimated insurance loss of $98 million thus far.

Claims made by flood-affected policyholders have primarily consisted of property claims (84 per cent of total claims) and motor claims (14 per cent of total claims), with commercial claims making up the remaining 2 per cent.

Members are encouraged to start the claim process as soon as possible for clients who have sustained damage to their property, businesses or vehicles – even if the full extent of damage has not been made clear.

Following the ‘significant event’ declaration, the ICA has commenced the data collection, analysis and reporting of claims, working closely with government and agencies to assist impacted communities. The ICA’s disaster hotline has also been activated, assisting with any enquiries about the claims process.

The ICA flagged last week that this event may be escalated to an ‘insurance catastrophe’, depending on if the number or complexity of claims increase, or if the geographical impact of the floods spreads.

For more information, visit the Insurance Council of Australia website here.