The Insurance Council of Australia (ICA) has declared the conflict in the Middle East a "Significant Event", in an effort to amplify industry support. The declaration assists the ICA, insurers and policymakers to assess the insurance impact of the conflict.
Under the "Significant Event" declaration:
- An industry-wide taskforce has been established.
- The ICA has commenced claims data collection, analysis and reporting in consultation with members.
- ICA representatives are working with the Federal Government and agencies to ensure a coordinated and joined-up approach for those Australians impacted.
The ICA also noted that travel insurers have stood up additional resources to support policyholders impacted by the Middle East conflict with dedicated 24/7 access, assisting with the coordination of medical care and prioritising support for those in the affected countries.
ICA members providing travel insurance also indicated that the coverage date of policies will be extended to support customers impacted by airport and airspace closures, and insurers remain committed to supporting customers even though exclusions for war and conflict are standard across most products.