Insurance Council declares ‘significant event’ for NSW floods

The Insurance Council of Australia (ICA) has 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.

The event may be escalated to an insurance catastrophe if there is a significant increase in claim numbers or complexity, if the geographical spread of this event is extended, or in consultation with insurers.   

ICA CEO Andrew Hall commented: ”This is the fourth flood event for some New South Wales communities this year and we understand this is going to be an incredibly difficult time for many. 

“Insurers understand the emotional impact of these extreme weather events which are becoming more frequent and severe and will be taking swift action to ensure communities receive the assistance they need as quickly as possible. 

”Insurers are well prepared to respond to these events, but it is clear the community needs to be better protected from worsening extreme weather and that requires greater investment in mitigation and resilience.”

The impact of flooding has been felt most significantly in communities surrounding the Hawkesbury and Nepean Rivers, however all regions impacted by flood in NSW since 1 July fall under the significant event declaration. It remains an unfolding weather event.