News Non-Life21 Aug 2018

Australia:Over 50% of May storm claims paid to date

| 21 Aug 2018

Insurers have closed more than 50% of household claims arising from destructive floods that struck parts of Hobart and Kingston about 3½ months ago, the Insurance Council of Australia (ICA) says.

Insured losses from the 11 May storm and floods, which were declared a catastrophe by the ICA, have reached A$99.72m ($73m) from almost 8,800 household and commercial claims.

As of yesterday, almost 90% of motor vehicle claims have been closed, as well as about 55% of home building claims and almost 45% of contents claims, the ICA said.

ICA General Manager Communications Campbell Fuller said: “Insurers have worked diligently and efficiently to help their customers since the floods, including sending staff, specialists and equipment from the mainland to speed the recovery effort.

“The insurance industry promised immediately following the floods that it would act swiftly and with compassion to help affected households and businesses. It has, and continues to, deliver to customers despite many challenges, including shortages of equipment and replacement goods in Tasmania.”

The Hobart Catastrophe was the largest natural disaster to strike Australia to date this year. Other events this year include:

  • Insured losses from the New South Wales and Victorian bushfires in March, mostly affecting Tathra, stand at A$82.5 m from 1,039 claims
  • Tropical Cyclone Marcus, which struck the Northern Territory on 17 March, resulted in 6,218 claims with insured losses of almost A$62m.
  • Floods that struck North and Central Queensland in early March, mainly causing damage in Ingham, Innisfail and Cordelia, caused insurance losses of almost $17m from 525 claims.

Mr Fuller said insurers meanwhile are closely monitoring hundreds of bushfires in New South Wales and Queensland, and were concerned about the early start to the bushfire season.


 

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