Brisk progress on catastrophe claims

More than half the commercial property claims from the January flooding of Queensland and NSW and the Tasmanian bushfires have been closed, according to new figures.

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The latest claims data update from the Insurance Council of Australia shows 63% of commercial property claims in Tasmania, and 53% and 54% of claims in Queensland and NSW respectively, settled.

Insurers have also made brisk progress on domestic property, contents and motor claims. In Tasmania, 91% of contents claims have been closed.

Combined, the statistics show the insurance industry is paying out more than $3.5 million a day to victims of the three catastrophes.

NIBA CEO Dallas Booth says: “These figures show once again the supreme effort put in by the insurance industry in supporting Australian communities at times of crisis.

“They also show that the industry has learned its lessons from the previous disasters of 2010-2011.

“The response this time was much swifter and more co-ordinated and resulted in a much improved experience for consumers in their time of need.”