Flood damages in the Hunter region and central coast of NSW are currently estimated at $200 million in the area’s worst flooding in more than three decades.
 
Although the floods seem to be receding, the extent of damage is unclear. The Insurance Council of Australia (ICA) says claims are still coming in thick and fast.

More than 18,000 claims have been lodged with insurers, and other affected policyholders are being urged to submit their claims as quickly as possible.
 
“Insurers are working hard to assist policyholders to get the claims process under way quickly,” ICA CEO Kerrie Kelly said. “Many companies are operating 24-hour contact lines and have assessors on the ground in the affected areas.”
 
Brokers in the area worked through the weekend servicing clients’ calls for advice and assistance, even though some brokerages were themselves flooded.

IAG is among the companies with high exposures and has already received about 9000 claims. The company will bear the full cost of claims totalling up to $169 million and is fully covered for costs in excess of $200 million.

Suncorp has received 11,500 claims, and subsidiaries AAMI, Vero and Australian Pensioners Insurance accounts for 8500 of them.