Sunshine Coast hailstorm declared a catastrophe by ICA

The Insurance Council of Australia (ICA) has declared a catastrophe following storms that caused extensive hail damage across south-eastern Queensland yesterday.

As of 3pm (Queensland time) insurers have received more than 5000 claims, including about 3000 motor vehicle claims, with losses of about $40 million. However, insurers expect many more claims will be lodged by householders and businesses over the next few days.

Insurance Council head of risk and operations Karl Sullivan said: “Insurers are standing by to help their customers and are already mobilising assessors to examine damaged properties and cars.”

Sullivan said insurers had received claims for damage to cars and other vehicles (typically smashed windscreens and dented panels), and urged motorists not to drive unroadworthy vehicles.

He said many homes and businesses had suffered damage to roofs, awnings and solar panels, and overflowing gutters have caused interior damage to some properties.

Under the declaration the ICA has activated its disaster hotline to assist policyholders and established an industry taskforce to address and identify issues that arise, and work directly with emergency services, agencies and the government.

This is the sixth catastrophe declared this year by the ICA. Last week a catastrophe was declared for bushfires that have damaged or destroyed hundreds of properties in the mid-north coast of New South Wales, and Yeppoon and the Sunshine Coast. As of noon today, insured losses were estimated at $110 million, with 1000 claims received to date. Many more are expected.

In October, the Rappville bushfire resulted in 200 claims with insured losses estimated at $25 million. In September, insurers received 300 claims from fires in northern NSW and south-east Queensland, with $20 million in insured losses. In March, the Bunyip bushfires in eastern Victoria caused losses of $31.9 million, with 432 claims received.
The first Catastrophe for the year was declared in February for damage to Townsville and surrounding regions following a monsoonal downpour. Insurers received more than 30,000 claims with losses of $1.3 billion.

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

Aon: demand for M&A insurance seeing significant growth Allianz gets go-ahead for Allianz (China) Insurance Holding Company

GRP acquires Gauntlet Insurance Services

PSC acquires Carroll Insurance Group

Lockton International launches APAC transactional risk division

AXA Partners and Shell Energy Retail team up on home care deal

Chaucer appoints chief underwriting officer from Swiss Re

Everest Insurance adds to financial lines team

AGCS launches new suite of services

IAIS adopts frameworks to supervise internationally active insurance groups

Don't miss our insurtech email newsletter - sign up today