News

Summer catastrophe bill over $500 million

News >>

Insured losses for the four catastrophes declared over summer have gone above $550 million, according to the Insurance Council of Australia. 

There was a bit of a “sharp rise in value” of losses with the Great Ocean road bushfires that hit Victoria over Christmas. Insured losses from the Victorian bushfires now stand at $110 million from 527 claims, compared with $88 million one month ago.

Rob Whelan, CEO of the ICA, said that the clean-up operation in the state is well underway with at least 15 sites cleaned up so far by contractors. Insurers can only commence rebuilding once each site has been cleared of debris, including asbestos. 

Also the extremely steep terrain is presenting significant challenges, but insurers are determined to rebuild homes in the shortest time possible once the design and planning approval process is completed.\

The ICA noted that following the disaster, insurers may prioritise bushfire resilience for the area as some 235 homes were destroyed in the area. Each insurer has its own process for handling claims and rebuilding properties.  In many cases, higher bushfire resilience building standards will be required, which may affect construction costs. Insurers will discuss rebuilding and settlement options available under the policy with each customer.
 

Last changed: Mar 29 2016 at 1:21 PM

Comments

  1. None Found

Add Comment

Latest News

CPR Insurance Services Awarded Authorised Representative Insurance Business of the Year for 2019

Mandy and Robert Cooper were proud to receive the inaugural Authorised Representative Business of the Year from ANZIIF in the Australian Insurance Industry Awards for 2019.

We share this award with all our staff, Lauren, Guy and Sarah and thank them for their dedication in providing the best possible customer service. We also thank our clients who have made our business what it is today. We thank you all so much.

read more

Finalist in the Insurance Industry Awards

We were pleased to be advised this week that we are a finalist in the Australian Insurance Industry Awards in the category of Most Outstanding Authorised Representative Business for 2019.

Our company very much appreciates the accolade and just being nominated is prestigious to us. The awards ceremony is in August and we will see how we go, but being in the Top 4 is a credit to our team who have worked tremendously hard in the last eight years.

read more