Insurers are keeping an eye on claims arising from the hailstorm that hit the Mildura region of north-west Victoria, and nearby parts of NSW and SA.
The estimated value of claims have hit $256.2 million, with the split being 72 per cent domestic and 28 per cent commercial. Over 30,000 claims have since been lodged.
Campbell Fuller, general manager of communications and media relations at the ICA, says: “The value of insured losses from November’s severe storm continues to rise as assessors gain a greater understanding of the extent of agricultural losses across the three affected states. Due to the size of the area where damage has occurred, that process is ongoing, and the level of insured losses is expected to rise further over coming weeks.”
There have been 1,404 commercial property claims, 412 crop/agricultural claims and 26 business interruption claims so far.
SA appears to have been hit the hardest with the majority of residential building claims (68 per cent), domestic motor claims (70 per cent) and crop claims (64 per cent) coming from that state.
The ICA declared the Mildura storm a catastrophe event in November, with the industry escalating its response to help policy holders, including activating its disaster hotline and setting up a taskforce.