Reinsurance News

ICA confirms 90% of Halloween Hailstorm claims have been closed

28th October 2021 - Author: Charlie Wood

The Insurance Council of Australia (ICA) has released figures showing that almost 90% of Halloween Hailstorm insurance claims have now been closed.

HailstoneA year ago next Sunday a devastating storm resulted in more than $1 billion in claims, 88% of which have now been resolved.

More than 44,000 claims for storm and hail damage from the 31 October 2020 extreme weather event have been lodged with insurers. Claims are still being lodged, with 1,000 claims submitted in the past eight weeks.

The $1.08 billion in insurance claims includes 17,500 private and commercial motor vehicle claims, 20,660 home building claims for damage to roofs, solar panels, guttering, walls, and internal water damage, as well as 4,500 home contents claims.

“Insurers have been working hard to catch up on claims processing and it’s pleasing that we’re now at a closure rate of almost 90 per cent,” said ICA CEO Andrew Hall.

“However, the Bureau of Meteorology has said widespread flooding, coastal flooding and erosion, tropical cyclones, and marine heatwaves are all more likely over coming months.”

“Families, businesses, and communities rely on insurance disaster responders from interstate or overseas in the aftermath of natural disasters – without them, recovery is delayed with significant personal, social, and economic impacts.”

“That’s why the ICA has called on state and federal governments to urgently agree to a nationally consistent approach to the movement of fully vaccinated insurance disaster responders across state borders.

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