News

Ita losses hit $8.4 million

News >>

Ita losses hit $8.4 million

Insured losses from Cyclone Ita in north Queensland have reached about $8.4 million, according to the Insurance Council of Australia (ICA).

CEO Rob Whelan says 680 claims were received by April 15, with no further updates yet available.

Teams of assessors have travelled to Cairns and ICA sent a disaster recovery specialist to Cooktown to liaise with authorities and identify and resolve insurance-related issues.

Mr Whelan says insurers have been prioritising cyclone claims, and he urges cyclone-hit property owners to contact their insurers as soon as possible.

ICA has also echoed warnings from Queensland Attorney-General Jarrod Bleijie about scammers going door to door offering unsolicited repairs.

The Category 4 cyclone made landfall in an area of relatively low population near Cooktown on April 11. It then moved down the coast, causing power outages, flooding and damage to sugarcane and banana plantations.

ICA has declared Ita a catastrophe for areas of north Queensland, meaning insurers give priority to cyclone claims.

Thank you to Insurancenews.com.au for this article

Last changed: Apr 28 2014 at 3:11 PM

Comments

  1. None Found

Add Comment

Latest News

D&O premium pool ‘must treble’ to return to profitability

A new report – called "Show Me The Money!" by insurer XL Catlin and law firm Wotton + Kearney – is the second in a series of three white papers on securities class actions and their impact on the Directors & Officers Liability (D&O) market. The main conclusion is that Directors’ and officers’ (D&O) insurance premiums are under-priced significantly and need to rise strongly to restore profitability. The main risk areas are those exposed to securities class actions, 

It says Directors & Officer's Side A, Side B and Side C cover has been chronically underpriced since at least 2011, while the frequency of class actions is increasing as more plaintiff lawyers and litigation funders enter the space.

The analysis suggests last year’s overall premium pool of about $210 million would need to increase by at least three times to establish a profitable market, if it is assumed all other factors stay unchanged.

“Recent market developments would indicate most D&O insurers are now endeavouring to restore some semblance of profitability to their portfolios after years of market losses,” the report says.

read more

75% of Cyclone Debbie claims settled

In the 6 months since Cyclone Debbie devastated Queensland and parts of northern New South Wales:

• more than 31,000 homes and business have been repaired or received settlements from their insurance company

• more than 20,000 families have had possessions replaced

• more than 4,500 motor vehicles have been repaired or new vehicles provided

• hundreds of local builders and trades have been working on properties to repair the damage and destruction caused by the cyclone

• over $5 million has been paid EACH DAY to assist local communities, residents and businesses.

read more