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THE GENERAL insurers for Australia’s population of about 22.8 million are facing a bill of almost $5 billion so far for the natural catastrophes that hit the nation in 2011.
Nature topped of its hit on Australia with insurance claims estimated at more than $550 million for damage to vehicles, homes and businesses following the Christmas Day storms that struck metropolitan Melbourne.
It says the number claims lodged so far on the 2011 catastrophes is 265,997 and the total reserved number of claims figure is $4.903 billion These figures are not final and will fluctuate as claims are processed and determined, ICA says.
Data provided to the Council by member companies shows from the Melbourne Christmas Day cat. they had received 77,174 claims by January 13 2012, with insurance losses estimated at $550.7 million. The ICA declared the storms a catastrophe on December 29 2011.
Rob Whelan, CEO of ICA, said the figures were not final and were likely to change as more claims were received and assessors completed the task of estimating the repair bills.
He said insurers were making significant progress in processing claims and completing the lengthy assessment process. He said 56% of claims were for damage to motor vehicles, with the rest consisting of residential and commercial property and business interruption claims.
The Christmas Day storms in Melbourne brought the total number of natural disasters in 2011 to a total of 8 with losses amounting to $4.9 billion, more than double that of 2010.
The ICA is operating its disaster hotline - 1800 734 621- to help affected Victorians who are not sure which insurer they are with or who have general inquiries about the claims process.
Source: Insurance News Australia
