Australia Flood, Cyclone Claims Assessments near Completion Says ICA

According to a bulletin on its web site, the Insurance Council of Australia has released updated figures on “how the general industry has responded to the enormous task of assessing over 118,000 insurance claims received as a result of the QLD [Queensland] floods and Cyclone Yasi.”

ICA CEO Rob Whelan stated: “As at 5 May members of the ICA have received approximately 118,000 insurance claims with a reserved insurable value of over A$3.6 billion [US$3.8 billion] for QLD floods and Cyclone Yasi.”

The ICA noted that the general insurance industry has assessed “97 percent of all claims,” and has informed policyholders of the insurers’ decision. “Just over 3 percent of residential claims are yet to be determined following the disasters with these outstanding claims requiring additional information to be provided so that the claim can be settled.”

The bulletin added that any “delays arising from funds flowing from the QLD Premiers Relief Fund rest with factors outside of the general insurance industry.” The Insurance industry has “already paid out some A$960 million [US$1.016 billion] in settlement of flood and cyclone claims and continues to do so at a rate of A$12 million [US$12.7 million] per working day.”

Whelan lauded the industry’s performance and dedication “despite the extraordinary circumstances.” He described the industry as “working tirelessly to respond to claims and assist their customers.”

He also expressed industry concerns that comments blaming it “for delays in payments from the Premier’s fund are both ill informed and unhelpful.” He stressed that the “insurance industry has at all times been ready to provide what assistance it can to facilitate the flow of government assistance to Queenslanders affected by the flood. It’s time the shared objective of Government and the Insurance Industry of restoring damaged communities becomes our singular focus,” he added.

Source: Insurance Council of Australia