Insurance losses for Brisbane storms top $300 million
Nearly 260 homes are uninhabitable and another 1300 need major repairs following the November 16-20 Brisbane storms.
The Insurance Council of Australia (ICA) says the insurance industry has now received 30,000 claims worth about $300 million.
The 256 uninhabitable homes and 1300 seriously damaged structures are being attended to first by repair crews. ICA CEO Kerrie Kelly said in a statement workers from interstate and NZ are being brought in by insurers to supplement the state’s overstretched resources.
“Due to the extent of the severe weather and the geographic spread of the damage, repairs and reconstruction to all properties may in some cases take time, with up to 12 months for some properties,” she said.
Analysts are now questioning the industry’s ability to withstand further severe weather events between now and the end of June, with Credit Suisse analyst Arjan van Veen saying Suncorp has the capacity to absorb two more severe weather events to stay within its insurance margin guidance.
Ms Kelly says it is clear buildings in the area need to be built to withstand such extreme weather. She referred to ICA’s submission to a Government review to improve building code standards.
“It is important that… building codes ensure that Australia’s built environment is both reliable and durable to storm hazards including hail, wind and flash flooding,” she said.
The Insurance Council of Australia (ICA) says the insurance industry has now received 30,000 claims worth about $300 million.
The 256 uninhabitable homes and 1300 seriously damaged structures are being attended to first by repair crews. ICA CEO Kerrie Kelly said in a statement workers from interstate and NZ are being brought in by insurers to supplement the state’s overstretched resources.
“Due to the extent of the severe weather and the geographic spread of the damage, repairs and reconstruction to all properties may in some cases take time, with up to 12 months for some properties,” she said.
Analysts are now questioning the industry’s ability to withstand further severe weather events between now and the end of June, with Credit Suisse analyst Arjan van Veen saying Suncorp has the capacity to absorb two more severe weather events to stay within its insurance margin guidance.
Ms Kelly says it is clear buildings in the area need to be built to withstand such extreme weather. She referred to ICA’s submission to a Government review to improve building code standards.
“It is important that… building codes ensure that Australia’s built environment is both reliable and durable to storm hazards including hail, wind and flash flooding,” she said.