4 March 2009

Victorian Claims Assessments Progressing Well

To date, Insurance Council member companies have completed 80% of all insurance assessments for domestic, commercial, farming and industrial claims received from the devastating February Victorian bushfires. There still remain some fire affected areas where general insurance industry assessors are not able to obtain access due to safety and coronial reasons.

“For the February Victorian bushfires, the general insurance industry has received approximately 8,150 claims with an estimated insurable cost of $1.02 billion. These figures will continue to be further refined as detailed assessments of affected premises and assets are completed,” Kerrie Kelly, CEO of the Insurance Council of Australia said today.

Of these claims received, approximately:
• 83% relate to property and contents; and
• 17% relate to motor vehicles.

“A further analysis of the claims received to date shows that 76% relate to domestic claims and 24% relate to farming, commercial and industrial claims. There are many large single claims within the commercial and farming sectors.”

The incidence of non-insurance in the Victorian fire affected areas remains an issue.

“The Victorian Government has identified 2,029 residential properties that have been totally lost to the fires. The general insurance industry however, has received 1,468 claims for total loss residential properties,” Ms Kelly noted.

To date the general insurance industry has made approximately $160 million in emergency payments to affected policyholders from their insurance policies. Cash settlements for some property and contents have been made following a decision by policyholders.

“The Victorian Rebuilding Authority and the general insurance industry continue to work closely in preparing for the next phase of the recovery effort - the rebuilding of properties where policyholders have decided to rebuild. An important issue that will guide the rebuilding effort will be a decision by Government on appropriate bushfire zone building standards,” said Ms Kelly.

 


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