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Significant Events

What does a Significant Event Declaration Mean?

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

SE 242: Severe Weather NSW & QLD

The Insurance Council declared the 3-8 April storms across NSW and QLDwhich largely impacted the Hawkesbury-Nepean and Illawarra regions, a Significant Event on 10 April.

SE 242: Severe Weather NSW & QLD

Claims count

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14.7

Thousand

Claims incurred

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176

MILLION

Outstanding

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160

MILLION

Closed rate

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Visit our data hub

SE 241: Valentine’s Day storms

On 16 February 2024, the Insurance Council declared a Significant Event for the February 14 Valentine’s Day storms across regions of Victoria.

SE 241: Valentine's Day Storms Victoria

Claims count

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26.1

Thousand

Claims incurred

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196

MILLION

Outstanding

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134

MILLION

Closed rate

image
53.4

PERCENT

Visit our data hub

SE 231: Newcastle Hailstorm

On 29 May 2023, the Insurance Council of Australia declared a Significant Event for the Hunter and Central Coast regions of New South Wales impacted by hailstorm on the afternoon of Friday 26 May.

SE231: Newcastle Hailstorm

Claims count

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26.8

Thousand

Claims incurred

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343

MILLION

Outstanding

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50

MILLION

Closed rate

image
90.5

PERCENT

Visit our data hub

SE 225: River Murray Floods

The Insurance Council retrospectively declared the River Murray Floods SE 225 in its 2023 annual Catastrophe Resilience Report. Making a declaration at this stage reflects the unique characteristics of this event – a ‘blue sky’ flooding event. While this event had a relatively low number of claims, the severity is apparent when considering the very high average claim cost.

Read more in the ICA’s 2022-23 Catastrophe Report, published September 2023.

SE225: SA River Murray Floods

Claims count

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2.6

Thousand

Claims incurred

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439

MILLION

Outstanding

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27

MILLION

Closed rate

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90.6

PERCENT

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SE 224: Central West NSW Floods

On 15 November 2022, the Insurance Council of Australia declared a Significant Event for parts of Central West NSW impacted by flooding since 12 November. The impact of flooding was felt most significantly in communities surrounding Central West NSW, in particular Cowra, Forbes, Condobolin, Eugowra and Molong.

SE 224: Central West NSW Floods

Claims count

image
14.8

Thousand

Claims incurred

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254

MILLION

Outstanding

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20

MILLION

Closed rate

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96.7

PERCENT

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SE 222: NSW Severe Weather

On 5 July 2022, the Insurance Council declared a Significant Event for regions of New South Wales impacted by severe storm and flooding. The impact of flooding was felt most significantly in communities surrounding the Hawkesbury and Nepean Rivers, however all regions impacted by flood in New South Wales since 1 July fell under the SE declaration.

SE 222: NSW Severe Weather

Claims count

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23.5

Thousand

Claims incurred

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295

MILLION

Outstanding

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16

MILLION

Closed rate

image
98.3

PERCENT

Visit our data hub

* As at April 2024

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