Suncorp Group has released an insurance update on the significant hail, rain, and strong winds that occurred across South Australia, Victoria, and Tasmania late last month.
On October 28 and 29, severe storms devastated parts of South Australia, Victoria, and Tasmania, resulting in property damage and loss of power in some areas. As a result, the Insurance Council of Australia (ICA) declared an insurance catastrophe for the three states.
As of November 03, Suncorp confirmed it had received approximately 12,000 home and motor claims, which are expected to increase in the coming weeks as the full extent of damage continues to unfold. With many affected customers, the insurance giant expects the total cost from the event to reach $225 million to $250 million.
Suncorp Group CEO Steve Johnston said in a statement that the group's local assessors and tradespeople are on the ground to help affected customers, who are encouraged to lodge their claims as soon as possible.
“One of the key elements of our best in class claims strategy is a more flexible workforce, which has been successfully scaled up to support this event,” he said. “Our focus on the digital customer experience is also yielding positive results, with more than half of all home and motor claims from this event lodged online.
“The group's supply chain is responding well, and we are not currently experiencing issues due to border restrictions. We will continue to work closely with governments and the Insurance Council of Australia to ensure we can respond to customers as quickly as possible.”
In light of the recent storms that hit South Australia, Victoria, and Tasmania, Suncorp's inaugural Resilient Home Report released this month revealed that 27% of Australians fail to consider natural disasters when relocating amid the COVID-19 pandemic.
Rather than considering natural disasters, people seeking to move to another state or region consider lifestyle factors, such as closeness to family and friends, climate, and escaping the rat race. The report also found that 52% of Australians believe they live in an area with some form of risk – the most common being severe storms (30%), followed by bushfires (29%).
Suncorp Insurance executive manager Bernadette Norrie warned Australians that they have to face property damage and the mental toll of severe weather events during a natural catastrophe.
“Once a disaster strikes, the lives of those affected can be upended completely,” she said. “Many families can be displaced from their homes while repairs happen; people lose irreplaceable possessions and are left with the emotional scars of what they've endured.”
