Insurers close 60% of Townsville, Australia, cat flood claims

The Insurance Council of Australia (ICA) said that 60 percent of insurance claims lodged since the Townsville floods were declared a catastrophe have been closed “marking a significant milestone in the city’s recovery”.

Karl Sullivan, ICA head of risk and operation, said insurers had received 29,935 claims since the catastrophe was declared on February 2 2019, with estimated insurance losses of AU$1.243 billion. He said that more than AU$521 million in repairs, rebuilding works, replacement items, services, business interruption, emergency accommodation and settlements had already been settled.

This equals more than three-quarters of 4,529 domestic motor vehicles claims, more than 60 percent of 9,213 contents claims, nearly half of the 12,850 home building claims, around 45 percent of critical home building claims, while more than 1,800 local workers and suppliers have been engaged by insurers.

Sullivan said: “Since the catastrophe struck the region, the insurance industry has kept its focus on assisting Townsville’s recovery. It is ahead of its past response times for a natural disaster of this size despite the remoteness of the city.

“Insurance assessors and ICA staff were on the first flights into the city when the airport reopened, and the industry has maintained a constant presence in the city to help businesses and property owners. Several insurance companies have a permanent presence in the city or have set up shops to help their customers when they need it. However, the industry acknowledges a small number of customers may be experiencing issues.”

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