By Ryan Hewlett
March 10 - (The Insurer) - The Insurance Council of Australia said insurers had received 9,226 claims across motor, home and commercial lines related to ex-Tropical Cyclone Alfred as of midday local time on Monday.
The update follows the ICA declaring an “insurance catastrophe” for parts of southeast Queensland and New South Wales on Sunday.
The impact of Alfred, which was downgraded to a tropical low on Saturday after making landfall on the Queensland coast at around 8 p.m. local time, has been felt most significantly in the Gold Coast, Brisbane, Hervey Bay and Northern Rivers.
“It is too early to estimate the cost of the damage, however based on previous similar events insurers expect many more thousands of claims to be made in coming days and weeks,” the ICA said.
The majority claims reported to date are from Queensland, the ICA added.
Energy distributor Energex disclosed on Sunday that some 316,540 people were without power in Queensland's southeast after the storm’s strong winds and heavy flash-flooding damaged infrastructure, uprooted trees and destroyed power lines.
Australian carrier IAG said it had received 960 claims as of March 10, with the majority of claims at its NRMA Insurance subsidiary for damage caused by extreme wind, fallen trees and heavy rain.
The ICA’s catastrophe declaration serves to escalate and prioritise the insurance industry’s response for affected policyholders.
“This remains an active event and it will take some time to gain a clearer picture of the damage. Insurers expect a large number of claims will be lodged in coming days as property owners begin returning to homes and businesses," said ICA CEO Andrew Hall.
“We encourage policy holders to contact their insurer as soon as practically possible even if they have not been able to return to their home.”
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