The floods in southeast Queensland and New South Wales (NSW) have left insurers inundated with over 60,000 claims, according to the Insurance Council of Australia (ICA).
The ICA revealed that the number of insurance claims related to the flooding in Queensland and NSW has escalated from 48,220 on March 02 to 60,163 on March 03, a 25% increase, with property accounting for 83% of total claims and motor vehicle claims making up the remaining percentage.
Among the latest claims received, 46,235 were from Queensland and 13,928 from NSW. However, the insurance industry expects the NSW claims to increase in the coming days, given the current flood emergency impacting in and around Sydney.
“This is an ongoing and severe weather event, so it is still too early to predict where it will end,” said ICA CEO Andrew Hall. “These severe weather systems have been impacting the east coast now for more than a week and are still very active across all regions.”
Based on previous flood events, the ICA estimated the current cost of claims to be approximately $900 million, subject to a detailed assessment of claims as loss adjustors move in over the coming weeks and as further claims are made.
Although the weather event is still unfolding in and around Sydney, and people are concerned about further storm activity in and around Brisbane, insurers are already working with local, state, and federal governments and their agencies to support customers through the recovery process. They also put up teams to help affected customers.
Insurance Australia Group's (IAG) major events team is already supporting customers with emergency help, such as temporary accommodation and ensuring properties are safe and secure. In addition, Suncorp Group (Suncorp) has a team on standby to help flood-impacted customers once the water has receded, while Suncorp Bank is offering a disaster relief package to personal and business customers impacted by the weather event.
As insurers continue to monitor the situation, Hall said: “I urge all impacted policyholders to contact their insurer via phone or online as soon as possible, so we can ensure all available help and assistance can be provided, including short-term accommodation or help with food and essentials.”
