The Insurance Council of Australia’s (ICA) claims data indicates that ex-Tropical Cyclone Alfred is not as significant as initially feared across the majority of the impacted zones, according to Kylie Macfarlane, Deputy CEO at ICA.
Insurers have now received more than 63,600 claims related to the event. An additional 10,000 claims were lodged over the weekend, with most related to food spoilage, wind damage, and water ingress.
On 13 March, the ICA reported that insurers had received over 44,000 claims across Southeast Queensland and Northern New South Wales, up from 34,000 the previous day.
By 14 March, Aon reported that claims had risen to 53,182, suggesting that economic and insured loss impacts will likely exceed hundreds of millions of AUD.
Of the total 63,672 claims now reported, the majority originate from Queensland at 58,774, while 4,898 come from New South Wales.
58,307 of these claims are related to Home insurance, while 2,623 are for Motor, and the remaining 2,742 are linked to Commercial.
The ICA noted that insurers remain on the ground across the impact zone and will continue providing in-person support in the coming weeks.
On Friday, the ICA released a new Expression of Interest (EOI) form to encourage interstate tradespeople to assist with recovery and rebuilding efforts.
Kylie Macfarlane said, “The rise in claims count over the weekend is a reassuring sign that clean-up and recovery is well underway across many parts of southeast Queensland and northern New South Wales.
“While it is still too early to predict the total insured loss from this weather event, the claims data shows that the event is not as significant as first feared across the majority of the impacted zones.
“If there are any policyholders who know they have damage but are yet to lodge a claim, we encourage them to get in touch with their insurer as soon as they can and get the process underway, even if the full extent of the damage is not yet known.”
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