03 January 2022
Reflecting on Australia’s natural disasters of 2021
What does a catastrophe mean for insurers
Australia has had more than its usual share of natural disasters in 2021. Sudden events such as floods, fires, earthquakes, cyclones, and hailstorms have been prevalent.
But what you think of as a disaster might not be the same in the insurance sector.
When the Insurance Council of Australia declares a catastrophe, it escalates and prioritises the insurance industry's response to support policyholders impacted by the disaster in question.