Toowoomba, Lockyer Valley flood insurance claims could be worth millions, hundreds lodged with Suncorp, IAG

Insurance companies are already taking claims from hundreds of residents and businesses across the Toowoomba and Lockyer Valley regions following the devastating flooding event on the weekend.

Jenny Nugent of Rowes cleans up after flood water went through the Russell St business. Picture: Kevin Farmer

Residents and businesses across Toowoomba and the Lockyer Valley are expected to make millions of dollars worth of insurance claims thanks to the devastating February flood event.

Major insurer IAG, which owns brands NRMA, CGU and WFI, has already received more than 150 claims across both regions for properties, vehicles and businesses.

“The priority is the safety of all the communities impacted by the severe weather and we urge everyone to follow the directions of the emergency authorities,” a spokeswoman for IAG said.

“We encourage our customers to contact us to lodge their claim as soon as they can so we can organise immediate support such as emergency accommodation.”

Suncorp wouldn’t break down its customer base by region, but a spokeswoman said the company had received more than 12,000 claims from southeast Queensland following the event.

The severe flooding and heavy rain, which flooded parts of the Toowoomba CBD and caused the evacuations of towns in the Lockyer Valley, has been the third major blow for many businesses over the past few months.

Rowes Group general manager Paul McMahon said the famous furniture store on Russell Street was being cleaned up for the second time in six weeks, following the hailstorm in mid-January.

“We’re insured for both storm and flood and our brokers’ assessors have been absolutely wonderful,” he said.

“It was a big number but this time, because a lot of the repairs hadn’t been done from the previous storm, it wasn’t as much.

“It is tough, but there are no rules in business, and you’ve got to cop it.”

Other businesses hit by flooding included Wings Over the Downs, Orphans and Widows and Little Chiefs.

Toowoomba Chamber of Commerce CEO Todd Rohl said many businesses were at the end of their ropes after a tough period.

“It’s just another thing on top of all the stress, which began in December 2021,” he said.

“We trust that all the insurance claims are processed swiftly to support the business community.

“The reality is it’s devastating, stressful, and now there’s a fear of more storms set to come through.

“I would say there are several businesses that are at breaking point.

“Thankfully, this city has great community spirit and the government is looking at implementing some support, but it can’t come quick enough.”