Suncorp says policyholders have lodged 19,000 insurance claims over the extreme weather events
Suncorp warns there’s more to come as it sifts through 19,000 insurance claims lodged by policyholders impacted by the storms that hit eastern Australia over the past month.
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Thousands of policyholders impacted by devastating storms have lodged millions of dollars worth of claims with insurance giant Suncorp since the end of November last year.
Suncorp said as of Tuesday night there have been 19,000 claims from Queensland, NSW, Victoria and the ACT from policyholders over damage caused by storms.
Queensland – which was hit by the ex Tropical Cyclone Jasper in the state’s north and floods in the south east – has been hardest hit with a total of 12,500 claims of which 9500 home claims.
Suncorp said it expected more claims as the full impact of the current flooding in South East becomes known.
Suncorp Group chief executive Steve Johnston said they were focused on assisting impacted customers as quickly as possible.
“While the damage I have seen across both the South East and Far North of Queensland has been significant and the recovery will take time, we have our teams and full supply chains mobilised and in action,” he said.
“These rolling series of storms extended across multiple states and as far inland as Orange in the Central Tablelands of NSW.
“We have good capacity with builders, Assessors and Claims Teams already working across multiple impacted communities helping get our customers back on their feet.
“These storms have been a reminder of the devastating impact of extreme weather and our deepest condolences to all those who have lost family and friends.”
While it’s too early to provide a total forecast cost of these events given their ongoing nature, Suncorp expects to be within its natural hazard allowance of $680m for the half year to December 2023. The natural hazard allowance for 2023-24 is $1.36bn.
The Group has a comprehensive reinsurance program in place, with a maximum event retention of $350m and a 30 per cent Queensland Home quota share.
The Insurance Council of Australia (ICA) is warning cyclone and flood impacted communities to beware of “disaster chasers” who offer quick-fix clean-up, repairs, and inspections, often demanding upfront cash payments for shoddy or incomplete work.
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.
ICA chief executive Andrew Hall said extreme weather events like cyclones and flooding often attract unscrupulous individuals who exploit the vulnerability of affected communities.
“We urge insurance customers to be vigilant and protect themselves from these predatory practices,” he said.
“Contact your insurer, verify credentials, and don’t let untrustworthy individuals cloud your judgment. Insurers are on the ground in far north Queensland to assist impacted customers and we urge residents to reach out to their insurer to help them get back on their feet.”
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Originally published as Suncorp says policyholders have lodged 19,000 insurance claims over the extreme weather events
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