15 April 2010
Update on Perth Severe Storms
The Insurance Council of Australia has today re-affirmed the commitment and focus of the general insurance industry in assisting those policyholders affected by the recent severe storms in Perth.
Insurance assessors are continuing to undertake claims assessments for property and motor vehicles in Perth. Many insurers have taken on additional resources to help deal with the volume of claims and are operating on extended hours to assist policyholders.
The ICA encourages policyholders to continue to speak with their insurer throughout the claims process.
As of 14 April 2010, the general insurance industry has received approximately 120, 500 claims from impacted Perth insurance policyholders with an estimated insurable cost of approximately $889 million – making this the most costly (in insurable terms) natural disaster on record in Western Australia.
ICA members have reported that approximately 38% of initial property assessments have been completed and in excess of 55% of vehicle assessments completed. The industry is also settling claims quickly through cash settlements.
The general insurance industry is working to ensure that repairs of both property and motor vehicles are completed as quickly as possible. Additional challenges exist due to the limited availability of both building and motor vehicle repair trades in Perth.
The ICA is working with the Master Builders Association to ensure that lists of trades are available to those insurers who need additional capacity.
Due to the scale of this catastrophe, policyholders are encouraged to be patient throughout the claims process and in waiting for repairs to be undertaken. It is important that repairs are done professionally by repairers/tradesman that are authorised by their insurer.
Realistically, full recovery from this catastrophe may take up to 18 – 24 months.
The Insurance Taskforce established by the ICA continues to operate and work closely with the WA Government and relevant stakeholders.
All claims received will be assessed on a case by case basis taking into account the nature of the damaged sustained and the terms and conditions of each insurance policy.