Insurance Council of Australia Declares COVID-19 a Catastrophe

The Insurance Council of Australia (ICA) has officially declared the coronavirus (COVID-19) outbreak to be an ‘insurance catastrophe,’ following its designation as a pandemic by the World Health Organisation.

The ICA noted that the extent of claims and losses related to the COVID-19 spread remain unknown at this point, but said that it had formed a task force to capture claims data as it emerges.

The Council also provided some insight into what risks might be covered by different insurance policies, and where companies could face exposure.