BIG PICTURE
Flood claims
Victoria, Australia
Australian insurers are facing a massive US$1.6bn in claims following the recent floods and extreme weather crisis to hit the state of Victoria. The Insurance Council of Australia (ICA) declared a catastrophe for regions affected by significant storms and flooding, which serves to escalate and prioritise the insurance industry’s response for affected policyholders. The worst affected area, Traralgon, saw high winds and torrential rain which resulted in the town’s creek breaking its banks. Australian insurers also faced a $1.3bn bill following the catastrophic bushfires in 2020.
