Insurers have received up to 15,000 travel insurance claims related to the COVID-19 outbreak – but many won’t be paid.

Insurance Council of Australia (ICA) Head of Risk and Operations Karl Sullivan told insuranceNEWS.com.au that “a high proportion” of the claims are likely to be declined due to pandemic or “known event” exclusions.

However, he encouraged anyone who had experienced a loss to put in a claim. “Many claims will be paid, depending on when the policy was purchased,” he said.

Mr Sullivan says there is little data at this stage on SME claims. ICA declared the outbreak an insurance catastrophe on March 11.

As part of the declaration, an insurance industry taskforce was formed “to ensure that accurate claims data is captured by industry, and that industry positions on the virus can be understood by stakeholders”.