New South Wales (NSW) was still recovering from the catastrophic flooding that occurred from late February to March 2022 when more extreme weather hit the state, causing yet another “significant” flooding event.
Now, the Insurance Council of Australia (ICA) has issued a significant event declaration, which means:
As of writing, communities surrounding the Hawkesbury and Nepean Rivers have been hit hardest by the recent flooding. However, the ICA clarified that all regions impacted by the recent flood in NSW since July 1 fall under the significant event declaration.
ICA CEO Andrew Hall said insurers are well prepared to respond to extreme weather events. However, he has called for protecting communities from such events by investing in mitigation and resilience.
“This is the fourth flood event for some New South Wales communities this year, and we understand this is going to be an incredibly difficult time for many,” Hall said. “Insurers understand the emotional impact of these extreme weather events, which are becoming more frequent and severe, and will be taking swift action to ensure communities receive the assistance they need as quickly as possible.”
Insurers with members in the affected areas are already on the move. Most recently, PetSure, which introduced an emergency boarding cover during the Queensland-NSW flood in February and March 2022, extended the cover for its flood-affected policyholders.
