The Victorian bushfires have been declared an insurance catastrophe, while flash floods along the state’s Great Ocean Road have added to an already wild summer.

The Insurance Council of Australia made the catastrophe declaration today after initially labelling this month’s fires a significant event.

It says the number of claims has risen to nearly 2370, with more expected in coming weeks.

“Since ICA’s initial significant event declaration, insurers have been able to further assess the large recovery effort that will be required as a result of these severe bushfires, with 2369 claims being lodged to date across property, commercial and motor,” the council said.

“Current indications suggest about 30% of all property claims are total losses. The extent of commercial losses will also be significant ... and we anticipate increased claims numbers as people start to return to their homes and businesses.”

ICA says insurers will remain at the Castlemaine Recovery Centre into next week and on-the-ground support will continue in Natimuk and Skipton.

IAG says its claims number has risen to 662 from about 200 on Monday. Its WFI Insurance business has donated $50,000 to the Victorian Farmers Federation Disaster Relief Fund.

A spokesperson for Allianz says about 176 claims have been lodged.

Meanwhile, Suncorp says it is managing 470 claims related to Ex-Cyclone Koji across north and central Queensland. “The majority of these are concentrated in the Mackay region.”

And in Victoria’s Great Ocean Road area, while the immediate threat of flash flooding has passed, warnings remain in place today for Allenvale, Kennett River, Lorne, Separation Creek and Wye River.

Holidaymakers and residents were hit when record-breaking amounts of rain fell across several hours yesterday.  

Achmea Farm Insurance says its claims team has been working with clients affected by the fires, Ex-Cyclone Koji and the flash flooding.

“Disasters like bushfires and floods are not just about physical losses; they also impact mental health and wellbeing,” CEO Emma Thomas said. “That’s why we start by checking in with our clients, asking what they need right now, and then progress the claims process at a pace that suits them.”

Achmea says millions of dollars of damage have been reported linked to the three events.

Analyst Moody’s said: “Bushfire risk remains one of Australia’s most complex and consequential natural perils, requiring continuous reassessment as climate variability, exposure patterns and fire behaviour evolve.

“What makes 2026 stand out is not that fires are burning but how multiple large fires, aligned with extreme conditions, have crossed into areas with property exposure.

“The result: homes and businesses are directly in the path of fire fronts, amplifying losses and humanitarian impacts.”