Melbourne’s Christmas Days storm classified by insurers as a catastrophe

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Melbourne residents affected by Christmas storms will find it easier to claim insurance after the industry’s peak body formally declared a catastrophe.

The declaration on Thursday involves the establishment of an insurance taskforce and the appointment of the Australian Prudential Regulation Authority to monitor the industry’s response to claims.

Insurance Council of Australia chief executive Rob Whelan said more than 15,000 claims had been received for damage to homes, businesses and vehicles from the wild weather on Sunday

Source SMH Read more: http://www.smh.com.au/business/insurers-declare-melbourne-storms-catastrophe-20111229-1pdyj.html#ixzz1hz4wQ4dT

 

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