Insurance Council of Australia
On Friday 16 January, the ICA escalated its significant event declaration to an Insurance Catastrophe for the bushfires that have been impacting 18 LGAs across Victoria since 7 January.
Since the ICA’s initial significant event declaration, insurers have been able to further assess the large recovery effort that will be required as a result of these severe bushfires, with over 2600 claims being lodged across property, commercial and motor.
A ‘catastrophe declaration’ from the Insurance Council of Australia escalates and prioritises the insurance industry’s response to support policyholders affected by the natural disaster that triggered the declaration.
A catastrophe declaration means:
When a Significant Event declaration occurs, the Insurance Council’s preliminary data collection and stakeholder engagement catastrophe processes are activated, assisting the ICA and insurers to better assess the insurance impact of a particular event.
A Significant Event may be escalated to an Insurance Catastrophe if there is a material increase in claim numbers or complexity, if the geographical spread of this event is extended or in consultation with insurers.
