Insured Losses from Australia’s Storms Rise to $41.6M

The Insurance Council of Australia (ICA) has expanded the footprint of the latest insurance catastrophe to include the east coast of Victoria and Tasmania’s northern and eastern coastlines.

The declaration increases the insurance claims and losses attributable to the severe storms and heavy rainfall that hit Australia’s east coast since last Friday, the ICA said in a statement.

As of June 7, insurers had received 14,500 claims across Queensland, New South Wales (NSW), Victoria and Tasmania, with estimated insured losses of A$56 million (US$41.6 million), which could rise over the coming days, according to ICA Acting CEO Karl Sullivan.

“While the storm front has moved past Queensland and NSW, heavy rains are still causing damage and flooding in more southern parts of Australia, especially in Tasmania,” Sullivan said.

“The industry taskforce established under yesterday’s catastrophe declaration will now begin examining the situation in the newly added states to identify and address any issues or concerns,” he added.

While this is clearly a devastating event for those directly affected, the overall impact of these storms is well below some other recent events, including last April’s “east coast low,” which had insured losses of A$950 million (US$704.9 million) and 2014’s Brisbane hailstorm, with losses of A$1.4 billion (US$1.0 billion), he noted.

“The ICA will look at sending staff to newly affected areas to work directly with affected policyholders,” Sullivan went on to say.

Source: Insurance Council of Australia (ICA)

Related:

• Australia’s Storms Estimated to Cost Insurers $28 Million: Insurance Council

Topics Trends USA Profit Loss Windstorm Australia