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Insurers Declare Melbourne Storms Catastrophe
Melbourne residents affected by Christmas storms will find it easier to claim insurance after the industry’s peak body formally declared a catastrophe.
The declaration on Thursday involves the establishment of an insurance taskforce and the appointment of the Australian Prudential Regulation Authority to monitor the industry’s response to claims.
Insurance Council of Australia chief executive Rob Whelan said more than 15,000 claims had been received for damage to homes, businesses and vehicles from the wild weather on Sunday.
He expected more would be submitted as Melbourne residents returned home from holidays.
Insurance company staff had returned from holidays to process claims as swiftly as possible.
‘‘Call waiting times are progressively being reduced, and we thank affected Victorians for their patience over the past few days,’’ Mr Whelan said.
To help deal with inquiries about the claims process, the council is running a disaster hotline on 1800 734 621.
This formal catastrophe declaration is the eighth made by the insurance industry in 2011.
Mr Whelan said insurable losses through catastrophes were likely to exceed $4.5 billion for the year, more than double the amount for 2010.
Source: Business Day December 29 2011
Melbourne Storm Response – LMI GROUP
The old adage ‘it never rains but it pours’ has never been so true as in 2011!
With the severe storms sweeping across Victoria, including greater Melbourne, LMI Group has formed a catastrophe response team to handle the sudden influx of claims that were reported today.
The Victorian Catastrophe Response will be headed by Graham Cox, General Manager of Claims Services for Loss Management International. This is the fifth catastrophe ("CAT") response team that LMI have operating at the one time. The others include Christchurch/Canterbury Earthquake - CAT Manager: Tony Howie; Queensland Flood Claims - Commercial - CAT Manager; Stephen Grandidge; Queensland Flood Claims - Domestic - CAT Manager: Derek Jorgensen; Cyclone Yasi - CAT Manager: Steve Smith; Victorian Floods and Storms - CAT Manager: Graham Cox.
"It is the first time in the 12 year history of LMI Group that we have had to respond to so many natural disasters at the one time", said LMI’s Managing Director, Dr Allan Manning. "We have visited and actioned make safe and loss mitigation strategies on every job entrusted to us today", said Allan, "with the exception of one business where we simply could not gain road access due to swollen rivers and fallen trees. We will visit them as soon as the road is opened."
LMI continues to operate a 24 hour 7 day a week emergency claims line. Anyone wishing to utilise LMI's claim preparation service is invited to ring 1300 564 476 or email, claim@lmigroup.com.
Source: LMI Group
