Just 20 weeks after Cyclone Debbie lashed across Australia and New Zealand, almost 70% of claims have already been finalised, according to industry data released by the
Insurance Council of Australia (ICA).
Andy Johnson, RACQ GM personal insurance claims, said the rebuild was well ahead of previous events, including Cyclone Yasi and Larry, which were less than 57% finalised across the industry during the same period.
“We are well on track to have most of our claims finalised by Christmas,” Johnson said. “In the past it has taken 12 months to reach the same stage of completion so it’s great news for our members that we have been able to get them back in their homes sooner than expected. In fact, RACQ finalised 25% of claims within the first 10 days.”
The RACQ boss said the remaining claims were large, complex, and required rebuild of all or part of the building.
“If anyone has done a major renovation they would understand it takes time. This is no different. There are a lot of processes involved and a lot of trades to coordinate,” he said. “The complexity involved is the reason RACQ prefers to work with our members and manage the rebuild process, rather than supplying cash settlement simply to close off the claim quickly.”
According to the ICA report, more than 67,000 claims due to Cyclone Debbie have been lodged, worth almost $1.5 billion.
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