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Flood

Additional resilience funding welcome in Queensland budget

June 21, 2022 by insuranceca

Home Flood

Additional resilience funding welcome in Queensland budget

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News release

Tuesday, 21 June 2022

The Insurance Council of Australia (ICA) has welcomed the confirmation of $741 million in additional funding to better protect Queensland homes and communities from the impacts of extreme weather in the State Budget handed down today.

The Government’s commitment to additional funding, co-funded by the Federal Government, matches the amount called for by the Insurance Council in its Building a more resilient Australia report released in February.

The ICA welcomes the extension of the Queensland Government’s $13.1 million Resilience and Risk Reduction Fund to support disaster mitigation projects and build resilience to worsening extreme weather in the State.

The budget also includes a welcomed $170 million to build essential public infrastructure such as roads, bridges, causeways and culverts back to standard.

The ICA is pleased to see $900 million allocated to Queensland Fire and Emergency Services which will go a long way in supporting the vital work of the State’s first responders.

Quote attributable to ICA CEO Andrew Hall:

The ICA commends the Palaszczuk Government for this very significant increase in resilience funding, made in response to the devastating floods experienced in South-East Queensland in February and March this year.

Last year the ICA was critical of the Government’s Budget for its lack of funding in this area, but it’s clear that this has now been reversed.

Queensland is now leading the nation in terms of resilience and mitigation funding which is critical given the State’s exposure.

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2022 flood cost continues to rise

June 1, 2022 by Pha Tran

Home Flood

2022 flood cost continues to rise

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News release

Wednesday, 1 June 2022

The cost of the record-breaking flood that hit South-East Queensland and Northern New South Wales earlier this year continues to rise and is now Australia’s fourth costliest disaster, the Insurance Council of Australia (ICA) said today.

As of Tuesday 31 May, insured losses are estimated at $4.3 billion from 216,465 claims across both states.  

The cost is almost double that of the 2011 Brisbane flood, which saw $2.3 billion in insured losses. 

The extreme weather event has now surpassed the 1989 Newcastle Earthquake, which recorded $4.24 billion in insured losses and falls fourth behind the following (all normalised to 2017 values):  

  • Eastern Sydney Hailstorm (1999, $5.57 billion) 
  • Cyclone Tracey (1974, $5.04 billion) 
  • Cyclone Dinah (1967, $4.69 billion) 

The 28 per cent rise in estimated claims cost from last month’s figures is largely due to the progression in the claims assessment process and an increase in commercial claims, which are typically slower to come through and have a greater cost per claim. 

Insurers are working as fast as possible to support their customers, with more than 20 per cent of claims already closed and almost $1 billion paid to policyholders.  

Quote attributable to Andrew Hall, CEO, Insurance Council of Australia:  

The Insurance Council and insurers continue to work with communities affected by this record-breaking flood, now Australia’s fourth costliest disaster. 

Over the past two weeks we have been holding community forums in flood-impacted areas of New South Wales, and next month will spend two weeks holding forums in Queensland towns and in Brisbane.  

Keeping Australia insurable as extreme weather events worsen requires governments to invest in appropriate physical mitigation and adaptation strategies.  

Insurers and the Insurance Council look forward to working with the Albanese Government to implement its $200 million Prevent, Repair, Rebuild package, to better protect Australian homes and communities from the impacts of extreme weather.

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Insurers to engage with Queenslanders impacted by floods

May 30, 2022 by Pha Tran

Home Flood

Insurers to engage with Queenslanders impacted by floods

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News release

Monday 30 May 2022

The Insurance Council of Australia (ICA) will next month embark on a community roadshow for Queensland insurance customers impacted by the February and March floods.

Starting on Monday 13 June, the in-person forums will provide policyholders with detail on the claims process, complaints avenues and other useful information to assist with the claims process.

Each session will include a presentation and opportunity for policyholders to raise concerns or ask general questions in a public forum.

This will be followed by break-out sessions where community members can speak with insurance company representatives present at each forum.

The Queensland roadshow follows two-weeks spent with policyholders affected by the recent flooding in the Northern Rivers region of New South Wales.

The upcoming Queensland community roadshows will be held at the following locations:

  • Gympie: Monday 13 June, from 5:30pm for 6pm start, The Pavilion Conference & Reception Centre
  • Maryborough: Tuesday 14 June, from 5:30pm for 6pm start, Maryborough Services & Citizens Memorial Club
  • Brisbane North: Wednesday 15 June, from 5:30pm for 6pm start, Bracken Ridge Tavern
  • Brisbane South: Thursday 16 June, from 5:30pm for 6pm start, Forest Lake Tavern
  • Ipswich: Monday 20 June, from 5:30pm for 6pm start, North Ipswich Reserve Corporate Centre
  • Gatton: Tuesday 21 June, from 5:30pm for 6pm start, Lockyer Valley Cultural Centre
  • Beenleigh: Wednesday 22 June, from 5:30pm for 6pm start, Beenleigh Events Centre
  • Chinderah: Thursday 23 June, from 5:30pm for 6pm start Kingscliff Beach Bowls Club
  • Caboolture: Monday 27 June, from 5:30pm for 6pm start, Sports Central

Bookings are essential. To book go to insurancecouncil.com.au/Floods2022

Quote attributable to ICA CEO Andrew Hall:

The Insurance Council and insurers are eager to hit the road in Queensland and meet with policy holders impacted by the flooding earlier this year.

The extreme weather throughout the South-East of the State has been relentless and we know that many are feeling overwhelmed, especially given other factors such as a delay in building supplies and contractors.

 

Useful links

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Northern Rivers community insurance forums start next week

May 17, 2022 by Pha Tran

Home Flood

Northern Rivers community insurance forums start next week

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News release

Tuesday, 17 May 2022

The Insurance Council of Australia (ICA) will next week host three community forums in Murwillumbah, Mullumbimby and Lismore for policyholders affected by the recent flooding in the Northern Rivers region of New South Wales.

The in-person forums, starting on Monday 23 May, will provide policyholders with detail on the claims process, complaints avenues and other useful information to assist with the claims process. 

Each session will include a presentation and opportunity for policyholders to raise concerns or ask general questions in a public forum.  

This will be followed by break-out sessions where community members can speak with insurance company representatives present at each forum.  

The community roadshows will be held at the following locations:

  • Murwillumbah: Monday 23 May, from 5:30pm for 6pm start, Murwillumbah Services Club
  • Mullumbimby: Tuesday 24 May, from 5:30pm for 6pm start, Mullumbimby Ex-Service Club
  • Lismore: Wednesday 25 May, from 5:30pm for 6pm start, Southern Cross University Lismore campus auditorium (Whitebrook Theatre)

Bookings are essential. To book go to insurancecouncil.com.au/NorthernRiversFloods

The cost of this year’s floods across south-east Queensland and northern New South Wales is estimated to be $3.346 billion, making it Australia’s costliest flood ever.

Quote attributable to Andrew Hall, CEO, Insurance Council of Australia:  

The Insurance Council and insurers look forward to meeting with policyholders impacted by the recent extreme weather event in the Northern Rivers. 

The community forums and one-on-one consultations are an opportunity to gain a better understanding of the claims process and to have any questions answered.  

 

Useful links

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Insurers engage with flood-impacted communities

May 9, 2022 by Pha Tran

Home Flood

Insurers engage with flood-impacted communities

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News release

Monday, 9 May 2022

The Insurance Council of Australia (ICA) which represents Australia’s general insurance sector will embark on a two-week community roadshow for policyholders affected by the recent flooding in the Northern Rivers region of New South Wales.

Starting on Monday 23 May, the in-person forums will aim to provide policyholders with detail on the claims process, complaints avenues and other useful information to assist with the claims process.

Each session will include a presentation and opportunity for policyholders to raise concerns or ask general questions in a public forum.

This will be followed by break-out sessions where community members can speak with insurance company representatives present at each forum.

The community roadshows will be held at the following locations:

  • Murwillumbah: Monday 23 May, from 5:30pm for 6pm start, Murwillumbah Services Club
  • Mullumbimby: Tuesday 24 May, from 5:30pm for 6pm start, Mullumbimby Ex-Service Club
  • Lismore: Wednesday 25 May, from 5:30pm for 6pm start, Southern Cross University Lismore campus auditorium (Whitebrook Theatre)
  • Grafton: Tuesday 31 May, from 5:30pm for 6pm start, Grafton District Services Club
  • Casino: Wednesday 1 June, from 5:30pm for 6pm start, Casino RSM Club
  • Lennox Heads: Thursday 2 June, from 5:30pm for 6pm start, Lennox Heads Cultural Centre auditorium

Bookings are essential. To book go to insurancecouncil.com.au/NorthernRiversFloods.

The community roadshow will follow a virtual event to be held this Thursday 12 May. Bookings for the virtual townhall can be made at insurancecouncil.com.au/onlinetownhall

The cost of this year’s floods across south-east Queensland and northern New South Wales is estimated to be $3.346 billion, making it Australia’s costliest flood ever.

Quote attributable to ICA CEO Andrew Hall:

Many people affected in the Northern Rivers region in New South Wales are seeking an understanding of their insurance policy and how it responds to this severe weather event, as well as the next steps in the recovery process.

We want to make this process as simple as possible for the policyholders impacted in this region, which is why our team will be on the ground to listen to community concerns and offer advice.

Useful links

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Insurers host online townhall for flood-impacted communities

May 6, 2022 by Pha Tran

Home Flood

Insurers host online townhall for flood-impacted communities

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News release

Friday, 6 May 2022

Community members and policyholders affected in the recent floods across Queensland and New South Wales are invited to join industry professionals in an online townhall event on Thursday 12 May.

Hosted by the Insurance Council of Australia (ICA), which represents all the major general insurers in Australia, this virtual townhall will provide policyholders with up-to-date information on the claims process, complaints avenues and other useful information to assist policyholders.

There will be presentations from the Australian Financial Complaints Association and Legal Aid, followed by a virtual Q&A where community members can ask questions.

The Insurance Council will next week announce dates and locations for in-person community forums to be held throughout northern New South Wales.

Bookings are essential. To book go insurancecouncil.com.au/onlinetownhall

The cost of this year’s floods across south-east Queensland and northern New South Wales is estimated to be $3.346 billion, making it Australia’s costliest flood ever.

Quote attributable to ICA CEO Andrew Hall:

These online events are important for communities and individual policyholders to understanding the ins and outs of the claims process.

We understand that there are sometimes delays and the industry is working through the current challenges.

We hope this online event will provide policyholders with a clear picture as to the processes in place to support those affected as soon as possible.

 

Useful links

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