In response to the aftermath of Ex-Tropical Cyclone Jasper, the Insurance Council of Australia (ICA) has officially declared the situation an “insurance catastrophe.” This declaration serves to activate crucial services and support for affected homeowners and businesses, providing assurance that their insurers are prepared to assist.
Kylie Macfarlane, Chief Operating Officer of ICA, stated, “Insurers are here to help Far North Queensland and stand ready to help impacted policyholders through this challenging time. The clean-up has begun, but the full impact is still unfolding.”
The catastrophe declaration facilitates the prioritization of claims from affected policyholders, directing urgent assistance to the worst-affected property owners. Insurers, under this declaration, will deploy disaster response specialists to aid affected customers with claims and assessments as soon as emergency services indicate it is safe to do so.
ICA will collaborate with local agencies and services, mobilizing representatives to assist affected policyholders once emergency services deem the situation safe. An industry taskforce has also been established to identify and address issues arising from the event.
Macfarlane emphasized the preparedness of insurers, stating, “Insurers are well-prepared to respond, regardless of the Christmas break, and are on the ground to support policyholders get back on their feet following this devastating event.”
As part of the response, over 3,800 claims have already been lodged across affected areas from Cape York Peninsula to Mackay. Insurers are taking decisive steps to prioritize the recovery of their customers, with disaster response teams, including assessors and claims specialists, providing on-the-ground assistance.
AIA Australia, the life and health insurer, has announced assistance packages for eligible policyholders in the affected areas. Qualifying life insurance policyholders will receive a premium waiver of up to six months, while health insurance members can choose between a three-month premium waiver or a 12-month membership suspension. Emergency services workers in affected regions who are AIA Health members are entitled to a one-month premium waiver. AIA is also providing disaster recovery programs to support customers affected by the floods.
Suncorp Group is actively engaged in recovery efforts, with local tradies on the ground assisting customers in the cleanup process. The company has received approximately 900 claims, including over 650 for homes, since December 10. Support teams, assessors, and builders are ready for deployment once deemed safe.
Despite the catastrophe, independent credit risk research provider S&P Global Ratings Australia (S&P) has claimed that insurers are in a stable position to address associated rising costs in the aftermath of Ex-Tropical Cyclone Jasper.
