Insurance Council of Australia declares catastrophes in flood-ravaged areas

The Insurance Council of Australia (ICA) has declared a catastrophe for New South Wales and Victorian flood zones covering the NSW Riverina, NSW Central West and northern Victoria.

The council reported on Mar. 9 that so far there have been fewer than 4,000 claims, mostly for light storm damage. However, it expects this number to greatly increase.

The ICA also declared a catastrophe for the inundation of southwest Queensland in late January and early February 2012, with insurers anticipating AUS$111 million (Cdn$116 million) in damages arising from 5,000 claims for damage to properties, contents, vehicles and businesses.

According to Queensland Emergency Management, the townships of Bidwell, Tin Can Bay, Rainbow Beach and Goomboorian remain isolated by floodwater.