Claims from the ongoing flooding in Southeast Queensland and New South Wales have increased by a further 25% on yesterday’s count to 60,163, resulting in estimated cost of approximately $900 million, according to the Insurance Council of Australia (ICA).
Of the total, 46,235 claims are from Queensland and 13,928 are from New South Wales where figures are poised to rise in the comping days.
According to the ICA, 83% of the claims received so far relate to property, with the remainder motor vehicle.
The ICA’s $900 million insurance industry loss estimate is based on previous flood events, and the figure is subject to detailed assessment of claims as loss adjusters move in over the coming weeks and will increase as more claims come in.
Andrew Hall, Chief Executive Officer (CEO), ICA, commented: “This is an ongoing and severe weather event, so it is still too early to predict where it will end. These severe weather systems have been impacting the East Coast now for more than a week and are still very active across all regions.
“Despite that, insurers are working closely with Local, State and Federal Governments to ensure that insurers are fully coordinated in the recovery process that is starting to commence in communities up and down the coast.
“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.”
