Sunday’s wild storms that wreaked havoc across south-east Queensland have been declared a Significant Event by the Insurance Council of Australia (ICA).
ICA CEO Andrew Hall said the Sunday hailstorm impacted the wider Brisbane region, with insurers having received more than 11,000 claims to date.
Mr Hall said the ICA’s preliminary catastrophe processes had been activated, assisting the ICA and insurers to assess the insurance impact the hail, heavy rain and strong winds have caused.
He said under a Significant Event declaration:
- The ICA commences its claims data collection, analysis, and reporting processes in consultation with members.
- ICA representatives will work with government and agencies to understand impacts on the community and ensure affected residents receive assistance if the need arises.
“The ICA has declared this event — to be known as SE 254 — ahead of what is expected to be a challenging few weeks of severe storm activity along the east coast, and as such, encourages residents to prepare now.”
Mr Hall said Sunday’s event may be escalated to an Insurance Catastrophe if there was a significant increase in claim numbers or complexity, if the geographical spread of this event is extended or in consultation with insurers.
He said if property had been impacted, insurance customers were advised to contact their insurer as soon as it is practical to commence the claims process, even if they did not know the full extent of the damage.
“The ICA is also warning those impacted to be wary of ‘disaster chasers’ who profit from home owners insurance claims.
“Some disaster chasers pressure homeowners to sign a contract on the spot for future repair work and may promise their insurer will pay.
“This can leave the homeowner liable to pay a commission or inflated repair bills not covered by their insurance policy, as insurers will only pay for approved work that is covered by a policy.”
Mr Hall said residents who believed they may have been approached by or signed with a disaster chaser should seek guidance from their insurer.
