There are 84 per cent property, 14 per cent motor and two per cent commercial claims
Sydney:
The Australian insurers have received 8,415 claims with an estimated insurance loss of $97.9 million, said the Insurance Council of Australia (ICA) which earlier this week declared a significant event for the July 2022 extreme rain and flooding event that has impacted large parts of Sydney, the Hunter and mid-north coast.
There are 84 per cent property, 14 per cent motor and two per cent commercial claims.
The ICA activated a range of processes and data collection activities to assist with the assessment of the insurance impact of this extreme rain and flood event.
The ICA encourages policyholders who have sustained damage to property, businesses, or vehicles to contact their insurer as soon as possible to start the claim process, even if the full extent of the damage is not yet clear.
The ICA has earlier declared a ‘significant event’ for regions of New South Wales impacted by significant storm and flooding over the past few days.
The ICA’s preliminary catastrophe processes have been activated, assisting the ICA and insurers to assess the insurance impact of the current flood event.
Under a significant event declaration:
The ICA commences its claims data collection, analysis, and reporting processes in consultation with members.
ICA representatives will continue to work with government and agencies to understand impacts on the community and ensure affected residents receive assistance.
The ICA’s disaster hotline is activated 1800 734 621; offering assistance to policyholders if they are uncertain of their insurance details or have general enquiries about the claims process.