East Coast low claims rise to $421 million

Insurers are continuing to monitor claims coming out of the East Coast Low that hit Queensland, NSW, Victoria and Tasmania in June.

According to the latest data, the estimated value of insured losses has risen to more than $421 million from over 46,000 claims.

The split is 64 per cent domestic and 36 per cent commercial.

There have been just over 5,000 commercial property claims, but only 1.8 per cent have been denied.

There were also 189 business interruption claims from the storms.

In comparison, there were 27,700 residential building claims, where only 2 per cent were denied. Some 55 per cent of these claims have been closed.

Campbell fuller, general manager of communications and media relations at the ICA says: “The ICA continues to argue that permanent, well-maintained mitigation infrastructure is an investment that will be repaid many times over by lowering the risk to communities, helping ensure economic stability, and reducing the need to spend tens of millions of dollars on natural disaster recovery.”

In addition, it is also important to increase public awareness about insurance issues, such as the difference between flood and storm damage, as well as natural disaster risks, he adds.