The Insurance Council of Australia (ICA) has today escalated its significant event declaration to an Insurance Catastrophe for the bushfires that have impacted 18 LGAs across Victoria since January 7.
“These bushfires have been devastating for many communities across Victoria, and insurer’s priority is getting help to people as quickly as possible,” said Kylie Macfarlane, the ICA's deputy CEO.
The ICA said that since its initial significant event declaration, insurers have been able to further assess the size of the recovery effort required, with 2,369 claims lodged to date across property, commercial and motor. Current indications suggest around 30% of all property claims are total losses, the ICA said. It added that commercial losses will also be significant, and it anticipates increased claims numbers as people start to return to their homes and businesses.
The ICA said the Catastrophe declaration escalates and prioritises the insurance industry’s response for affected policyholders. Under the declaration, the industry will continue to ensure claims from affected policyholders are prioritised by insurers, with triage in place to direct urgent assistance to the worst-affected property owners.
The ICA said its representatives have been mobilised to work with local agencies and services and affected policyholders as soon as emergency services say it is safe to do so. It also said insurers will mobilise disaster response specialists to assist affected customers with claims and assessments as soon as emergency services say it is safe to do so. An industry taskforce has also been established to identify and address issues arising from the catastrophe, the ICA said.
Insurers’ presence at the Castlemaine Recovery Centre will continue into next week, while on-the-ground support will also continue in Natimuk and Skipton, the ICA said.
The ICA said it is closely monitoring access into Longwood and remains on standby to support surrounding communities including Harcourt.
Macfarlane said insurers “stand ready to support communities” through what she described as a catastrophic event, and encouraged Victorians impacted by the fires to contact their insurer and lodge a claim, even if they do not yet know the full extent of damage or have not returned to their home or business.
