Never has it become more apparent that the insurance industry is a vital cog in the Australian economy than in recent catastrophic events in NSW and Queensland and this has only been reinforced by NSW again flooding in early July.
According to the Insurance Council of Australia (ICA), claims data from the QLD and NSW floods to date have been:
- Number of claims reported: 225,000
- Current outstanding claims: 157,000
- Claims Incurred: $4.83Billion
The insurance industry is busy helping their clients put their homes, businesses, and lives back together as well as injecting billions of dollars into the Australian economy.
The downside of this is that we are seeing increasing delays in claims due to the overwhelming and large volume of claims being lodged nation wide.
Insurance Claim Delays
Our claims team are working hard to ensure our clients claims are reviewed as soon as possible, but insurers are prioritising claims for people who have lost homes, businesses that have lost their incomes & the inevitable trauma involved.
Please understand that due to the extreme weather events, we are currently experiencing delays in turnarounds with the insurers which in turn is taking us longer to get responses and settlements.
We apologise for the delays experienced, the team continue to assist and support all our clients when it is needed the most.
We will make sure that if your matter is urgent, it remains a priority.