Extensive flooding in N Qld has followed last week’s Cyclone Jasper.
The Commonwealth covers some cyclone insurance claims via a reinsurance pool.
But time limits mean private insurers will cover some flood claims.
Insurers will be on the hook to cover a large chunk of claims stemming from record Queensland floods because a Commonwealth support system designed to keep premiums low in disaster zones will be mostly off limits.
The former Morrison government established a $10 billion taxpayer backed reinsurance pool for cyclones, but floods in Cairns and surrounds will be the first test of the venture’s contentious 48-hour time limits on when insurers can claim against the pool.
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Liam Walsh writes on investigations and companies with The Australian Financial Review. He has won multiple media awards, worked in Japan and is now based in Brisbane. Email Liam at liam.walsh@afr.com.au
