The Insurance Council of Australia (ICA) has revealed that, as of March 08, insurers had received 96,844 claims related to the devastating storm and flooding in southeast Queensland and New South Wales (NSW).
The latest insurance claims count was a 12% increase on the previous day’s figure, driven by a 23% increase in the number of claims in NSW.
Among the claims received by insurers from 80 local government areas on March 8, 69% were from Queensland and 31% from NSW. Across both states, 80% of the claims were for domestic property, 17% for motor vehicle, and the remainder were for commercial property.
Based on the latest number of insurance claims related to the severe weather event in Queensland and NSW, the ICA estimated that the current cost of claims has already reached $1.45 billion, subject to a detailed assessment of claims as loss adjustors move in over the coming weeks.
As insurers support affected customers and communities, the ICA has been working with Federal authorities to expedite the processing of visas for key insurance recovery personnel deployed from overseas to Australia to assist with the recovery effort.
ICA CEO Andrew Hall thanked the Department of Home Affairs and Immigration Minister Alex Hawke for their support in processing the visa applications.
“I want to thank Immigration Minister Alex Hawke, his office, and department for their support in quickly processing a number of visa applications, which means those specialists will be on
ground shortly assisting communities in their recovery,” he said.
“This means it may take a few weeks for insurers to start the assessment process for less severe claims, but those customers can be assured their insurer is there to support them. Insurers rely on a network of specialists from across the country and around the world who are deployed when and where they are needed.”
Meanwhile, insurers are prioritising customers in the most severe situation to help them get back on their feet as soon as possible – with nib Group (nib) being the latest insurance provider to announce that it is helping affected communities by donating $50,000 to support the disaster response and recovery efforts, in addition to a flood disaster relief package available for its members. Moreover, nib employees helped raise funds for the Australian Red Cross Flood Relief Appeal, with all employee donations matched by nib foundation.
