Insurance bill for summer catastrophes passes $2.2 billion

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Insurance losses for the three catastrophes declared by the Insurance Council of Australia (ICA) over the 2018-19 summer have passed $2.2 billion.

Latest figures collated by the ICA show more than 25,770 claims have now been received following February’s monsoonal deluge, which caused disastrous inundation in and around Townsville and parts of Central Queensland. Losses stand at $1.041 billion.

Insurance losses for the December 20 NSW hail storm have reached $1.189 billion from 130,000 claims. More than 30,000 hail-related claims have already been closed.

And insurance losses from the Bunyip bushfires in eastern Victoria in late February have reached $20 million from 365 claims.

Last night, an insurance policyholder forum in Townsville was provided an overview of progress being made in handling and resolving claims, including discussions on hydrology reports and on scopes of works for repairs.

ICA General Manager of Communications and Media Relations Campbell Fuller said: “Insurers are working around the clock in three states to support customers affected by extreme weather catastrophes.

“They are also standing by to help policyholders in Queensland, the Northern Territory and north-western WA who have suffered losses caused by cyclones Trevor and Veronica.”

The Townsville forum, hosted by the ICA, was attended by 120 residents and small business owners who had lodged claims. It was supported by 30 representatives from key insurance companies.

The policyholders discussed claims handling, assessments and rebuilding processes with their customers. Herbert MP Cathy O’Toole also attended to talk to residents about their circumstances.

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