ICA warns South East Queensland of storm season threats

The Insurance Council of Australia (ICA) is urging residents in South East Queensland to prepare for extreme weather, as storm season begins ahead of schedule.

The Bureau of Meteorology has forecast an elevated risk of severe weather this summer, with storms and flash floods already reported in Brisbane and nearby regions.

Extreme weather events in the summer

Data from the ICA highlighted that a majority of extreme weather events occur during Australia’s wet season, which spans from October to April.

Over the past decade, 78% of declared insurance catastrophes and 90% of related financial losses have occurred during this period.

Preparing for extreme weather events

To mitigate the risks posed by severe weather, the ICA has recommended several preparatory actions that insurance companies and brokers could share with their clients: 

• Conduct regular property maintenance, such as clearing gutters and disposing of debris.
• Compile a comprehensive inventory of household contents to expedite insurance claims.
• Use online tools to ensure insurance coverage adequately reflects the cost of repairs or rebuilding.
• Review current insurance policies, including exclusions and coverage limits, and address any uncertainties with providers.
• Confirm that insurance policies are up to date, as some insurers may suspend new policies or adjustments when a severe weather event is imminent.

Liam Walter, ICA director of mitigation and extreme disaster response, encouraged residents to act quickly.

“While South East Queenslanders are no strangers to storms during summer, it’s an important reminder to use the sunny days to get prepared – clean up around your home, clean those gutters, and importantly, check your insurance policy,” he said.

He also recommended consulting state emergency services for safety guidance and staying informed about the latest weather forecasts.

Incoming ICA chair advocates for national disaster mitigation efforts 

In parallel with preparation efforts, new ICA chair and Suncorp Group CEO Steve Johnston is calling for a stronger national focus on disaster resilience and mitigation to counter the rising impact of extreme weather events.

In an opinion piece published in The Australian, Johnston emphasised the urgent need for systemic reform in how Australia prepares for and responds to natural disasters.

He pointed out that government spending on disaster response far outweighs investment in preventative measures. Though funding for mitigation has risen to 10% of overall disaster-related expenditures, he argued this remains insufficient to address the scale of the problem.

As part of Suncorp’s strategy, Johnston outlined four key areas for improvement:

• Greater funding for resilient infrastructure projects.
• Incentives to encourage homeowners to strengthen their properties.
• Updates to planning and zoning regulations to reduce risks.
• Elimination of taxes on insurance products to enhance affordability. 

He also highlighted the rising costs of reinsurance, driven by reassessments of global risks associated with secondary perils such as floods and bushfires.

Johnston stressed the importance of a collaborative approach to address these challenges, balancing disaster recovery funding with forward-looking investments in prevention.