Moreton Bay Region: Insurance catastrophe declared
Published 01 March 2022
The Insurance Council of Australia has declared Moreton Bay Region an ‘insurance catastrophe’ for the benefit of local insurance policyholders affected by the current weather disaster.
The declaration status will prioritise and escalate the insurance industry’s response for locals.
Mayor Peter Flannery said he welcomes the declaration and wants to ensure claims are processed swiftly and fairly.
“The insurance industry will have a huge role to play in rebuilding our region from this disaster,” he said.
“It’s important that the insurance industry does the right thing and pays our communities’ claims urgently to help flood-affected residents get back on their feet.
“We already have families in economic turmoil because of the Covid crisis, so we really need these insurers to get on the ground and help their customers through their recovery immediately.”
Andrew Hall, CEO, Insurance Council of Australia said insurers’ first priority is community safety, and so we strongly encourage all those impacted by this severe weather and flooding event to ensure they do not undertake any activity themselves that may put their safety at risk.
“Avoid travel wherever possible and contact your energy provider or an electrician to check your electricity supply if your home has been flooded,” he said.
“It’s too early to understand the extent of the damage to property in affected areas and to estimate the insurance damage bill.
“The insurance industry has made this Catastrophe declaration to activate services and support for affected homeowners and businesses and reassure them that their insurer is there to help.
“As many areas are currently inaccessible due to damage and floodwater and evacuation orders, insurers are expecting further claims in coming days as emergency services allow residents to return to their properties to examine the extent of their damage and losses.”
Under the Catastrophe declaration:
- Claims from affected policyholders will be given priority by insurers
- Claims will be triaged to direct urgent assistance to the worst-affected property owners
- ICA representatives will be mobilised to work with local agencies and services and affected policyholders as soon as emergency services say it is safe to do so
- Insurers will mobilise disaster response specialists to assist affected customers with claims and assessments as soon as emergency services say it is safe to
- An industry taskforce has been established to identify and address issues arising from this catastrophe
- The insurance industry has made this Catastrophe Declaration to activate services and support for affected homeowners and businesses and reassure them that their insurer is there to help