Insurance companies have been slammed by Logan Mayor Luke Smith for the amount of time it has taken them to assess flood-damaged homes in the area.
According to the official, the severe flooding brought on by ex-Cyclone Debbie in March this year inundated 185 Logan homes, with more than 400 also impacted by flood waters in some way.
Smith said it had taken insurance companies “way to loo long” to help the flood-impacted Logan homeowners who are suffering not only from the heartache of losing their home but more so from “not knowing how to pay for it,” The Courier-Mail reported.
“There are 38 homes across the city right now that are uninhabitable because of the floods that have gone through the city of Logan,” he said.
Want the latest insurance industry news first? Sign up for our completely free newsletter service now.
The Mayor said it had “gone beyond reason” that insurance companies were “playing games” with flood-impacted families; and said the council has received complaints from residents about insurance companies.
Campbell Fuller,
Insurance Council of Australia (ICA) communications GM, told Courier-Mail that it had already declared the disaster an insurance catastrophe to escalate the industry’s response.
Fuller said insurers have been spending over $2 million a day on “emergency repairs, temporary accommodation, hire cars and other emergency assistance for policyholders.”
“Insurers rapidly deployed assessors into areas affected by the cyclone and its aftermath to assist their policyholders once it was safe to do so,” Fuller said.
“As of April 21, the industry had received 50,056 claims stretching from north Queensland to northern NSW, with estimated insured losses of $756 million.
“Insurers are working to finalise all claims as quickly as possible, and are using a triage system to get assistance to those requiring the most urgent help first.”
.jpg)
