30 January 2009

General Insurance Industry Achieving Results in SE Queensland Recovery

The Insurance Council of Australia today released updated claim and repair cost statistics for the storms in SE Queensland in November 2008.

“To date, insurers have received 34,000 claims, with an approximate insurable value of $309 million. The overwhelming majority of claims are for minor damage to vehicles and property,” said Ms Kerrie Kelly, CEO of the Insurance Council.

“Among the 34,000 claims there are approximately 172 homes that require very significant repairs. As such, insurers are focused on servicing those most in need as a priority,” said Ms Kelly.

With the close to the traditional holiday season, policyholders are now urged to complete all necessary steps for their claims to be finalised.

Policyholders should liaise with their insurer to ensure that they have finalised issues such as securing quotes from builders and agreement on the scope of repairs to be carried out.

“Work can typically not commence on a property until these issues are settled and appropriate building applications lodged and contracts established between the owner and the repairer,” said Ms Kelly.

The Insurance Council congratulates the Queensland Government and the Brisbane City Council on the establishment of a fast tracking process for building applications in an effort to assist with a faster recovery effort.

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