The Insurance Council of Australia (ICA) has declared the North Queensland storm and flooding over the past few days as a 'significant event.'
The ICA's preliminary catastrophe processes have been activated, assisting the ICA and insurers to assess the insurance impact of the current flood event.?
Under a significant event declaration, ICA will commence its claims data collection, analysis, and reporting processes in consultation with members and its representatives will continue to work with government and agencies to understand impacts on the community and ensure affected residents receive assistance.?
This 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.??
The impact of flooding has been felt most significantly in communities in and around Townsville, Innisfail, Ingham, Gordonvale and Cardwell, however all regions impacted by flood in North Queensland and Far North Queensland since Wednesday 29 January fall under the significant event declaration.?