“Insurers have placed disaster response specialists on standby to move into affected communities and assist customers with claims as soon as it is safe to do so.”
Those were the words of Insurance Council of Australia (ICA) chief executive Andrew Hall in a statement sent to Insurance Business in response to the severe weather and flooding battering New South Wales, particularly around the Mid-North Coast and Hawkesbury-Nepean.
It was noted that insurers have already received storm-related claims but are unable to provide preliminary damage estimates as many communities remain isolated. According to the ICA, insurance assessors are standing by to move into the said areas once the flood waters recede.
In the meantime, the trade body said it continues to work with the state government to understand impacts on the community while ensuring that affected residents receive assistance.
“The volume and intensity of rain that has fallen in the past few days has caused damage over a huge area of NSW,” stated Hall. “Insurers are assisting customers with their claims to help alleviate the stress and uncertainty associated with this unfolding weather event.”
Meanwhile, lending peers Commonwealth Bank of Australia (CBA) and National Australia Bank (NAB) have announced their respective relief offerings for affected customers.
According to CBA, special arrangements are currently in place to provide support to clients of both Commonwealth Bank and CommInsure. Options as part of CBA’s emergency assistance include customised loan payment arrangements, waiving fees and charges, and temporary overdrafts.
“For CommInsure customers, we are able to assist with emergency accommodation if your home has been damaged,” added CBA. “We can also expedite claims to CommInsure for customers seeking help through their home and contents insurance.”
Similarly, NAB has unveiled its disaster relief package, under which available measures span credit card and personal loan relief, waiving the application fee for restructuring business facilities, and deferral of principal and/or leasing payments, among others.
“We are here to support all NAB customers, employees, and the wider community before, during, and after a natural disaster,” said Tony Story, retail executive regional for New South Wales and Australian Capital Territory.
“Anyone who needs assistance or advice can contact us so we can discuss their circumstances and work out the best way to help.”
