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.
To date, there have been seven Significant Event declarations:
- SE 242: April storms & severe weather
- SE 241: Valentine's Day storms
- SE 231: Newcastle hailstorm
- SE 225: River Murray Floods
- SE 224: Central West NSW Floods
- SE 222: NSW Severe Weather
- SE 215: Mansfield Earthquake
The following events were initially declared significant events and were subsequently escalated to Insurance Catastrophes: Cat. 223, Cat. 232, Cat 233
