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Flood not a catastrophe: insurers

An Insurance Council of Australia spokesman said the event had not been declared a catastrophe.
An Insurance Council of Australia spokesman said the event had not been declared a catastrophe.

INSURERS are still working to count the cost of the Sunshine Coast's once in a century flood event, but the final financial toll is not expected to be huge.

While the region's roads were turned into rivers and hundreds of homes and businesses were flooded, the deluge last Thursday did not register as more than an "event" for most insurers.

An Insurance Council of Australia spokesman said the situation was still being monitored, but the event had not been declared a catastrophe.

"The ICA is not collating data on this event," the spokesman said.

The Queensland Fire and Rescue Service carried out 1900 property assessments across the Coast. Of those, only 71 had "moderate damage".

An RACQ spokesman said they were processing about 130 household and motor claims.

"It's too early to be putting an estimate of the cost," he said.

"This number of claims would be considered an event."

Suncorp spokeswoman Megan Tudehope said the company received around 400 claims.

"The damage was reasonably isolated so claims numbers remain low and, fortunately, most of the claims related to minor damage such as water inundation from overflowing gutters," she said.

"We are focused on processing claims and repairing the damage as quickly as possible.

"We encourage anyone who is yet to lodge a claim to do so as soon as possible."

Severe weather events have already cost Queensland nearly $4 billion since December, 2010.

The devastating Queensland floods which hit Toowoomba and the Locker Valley generated 58,575 claims at a cost of $2,380,000,000.

The flooding on the south-west Queensland border between January 24 and February 15 cost $111 million and generated 5657 claims.

About 600 claims were registered after a mini tornado swept through Townsville on March 20. This event was not deemed a catastrophe.

Allianz did not respond to the Daily's request for information.

 

INSURANCE CLAIMS

AS AT JANUARY 2012:

Queensland floods, December 21, 2010 to January 14, 2011 - 58,575 claims - cost of $2,380,000,000

Cyclone Yasi, February 2011 - 72,414 claims - cost of $1,330,000,000

SW QLD border flooding, January 24, 2012 - February 15 - 5657 claims - cost of $111,000,000

Topics:  cost flood insurers sunshine coast



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