Nearly of claims from the four storm, bushfire and hailstorm catastrophes have been closed by insurers - ICA
The cost of insurance claims from four natural disaster catastrophes declared over the 2019-20 summer has passed $5.19 billion, with more than 15,000 new claims worth $270m lodged in the past four weeks.
Insurance Council of Australia head of Communications Campbell Fuller said: “Thousands of new claims and property loss assessments have pushed total claims to more than 288,100 and the estimated damage bill to more than $5.19 billion.
“Insurers have already paid more than $2.85 billion for emergency accommodation, business interruption, repair and rebuilding work, replacement of motor vehicles and goods, services and settlements. This is despite the widespread impact of the natural disaster season and the handbrake effect of COVID-19.
“Almost 50 per cent of claims from the four storm, bushfire and hailstorm catastrophes have been closed by insurers – an extraordinary result for households and businesses affected by these disasters.”
The COVID 19 pandemic was declared a catastrophe on 11 March 2020. The industry is assessing the impact it is having on claims and customers.
The four natural catastrophe’s from Australia’s black summer include:
Australian Bushfire Season for NSW, QLD, SA & VIC, declared on 8 November 2019:
Claims lodged: 38,181
Estimated insurance losses: $2.32 billion
South-East Queensland hailstorm, declared on 17 November 2019:
Claims lodged: 28,642
Estimated insurance losses: $451m
January hailstorms (VIC, ACT, NSW, QLD) declared on 19 January 2020:
Claims lodged: 124,693
Estimated insurance losses: $1.525 billion
East Coast storms and floods, declared on 10 February 2020:
Claims lodged: 96,594
Estimated insurance losses: $896m