Catastrophe declared for severe tropical Cyclone Debbie in Australia
The Insurance Council of Australia (ICA) has declared a catastrophe for damage caused by Category 4 severe tropical Cyclone Debbie, which made landfall today (March 28) in Queensland, Australia.
The declaration as catastrophe by ICA triggers additional measures such as the activation of a hotline and the establishment of a taskforce.
Cyclone Debbie made landfall between Bowen and Airlie Beach in Queensland whipping gusts of up to 263km/h (163mph), according to BBC News. It is moving inland as a Category 2 storm.
While it is too early to gauge the extent of the damage, insurers are anticipating thousands of claims, the ICA said.
"Insurers are already taking calls from policyholders, and many have teams standing by to enter the impact zone, assess claims and deliver assistance to their customers," said ICA CEO Rob Whelan.
"Insurers are prioritising claims from this disaster, and using a triage system to get assistance to those policyholders in most urgent need of assistance first.
Cyclone Yasi, which struck less populated areas further north in February 2011 as a Category 5, caused insured losses of A$1.4 billion. Since 2006, insurers have paid more than A$3.6 billion in cyclone-related claims in Queensland, and more than A$3.2 billion due to flood claims. Though Tropical Cyclone Debbie was expected to lose intensity after crossing the coast, Whelan warned the risk to life and property would remain.
"Even a Category 1 cyclone can generate wind gusts up to 125kmh, sufficient to fell trees or send debris flying dangerously," Whelan said.
"The torrential rainfall being dumped by this system also creates the risk of flooding.
"Fortunately, North Queensland property owners know they are highly exposed to cyclones and floods. They are more likely to be insured than most Australians and also have a higher level of coverage."
Today’s top stories
Losses from natural catastrophes and disaster spike in 2016
Sun Life Financial reshuffles leadership team
Aon Risk Solutions appoints senior property broker in US
XL Catlin bolsters structured risk solutions with new hire from SCOR
LeStrange replaced by another Endurance co-founder on Orchid board
Integro hires Marsh exec for North America and UK role
Did you enjoy reading this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze