Brisbane mayor warns of spiralling storm cost

Brisbane mayor warns of spiralling storm cost | Insurance Business

Brisbane mayor warns of spiralling storm cost
The recent hail-storm in Brisbane could have caused $1 billion worth of damage according to Mayor of Brisbane Graham Quirk.

As reported by the ABC, Quirk told reporters that the damage bill of the recent storms could continue to rise.

"I'm told the bill is going to be around $1 billion, claims for one insurer alone are around $300 million."

Late last week, the ICA estimated that insurance losses stood at $482 million with over 60,000 claims having already been lodged – over 17,000 for home and contents and over 50,000 for motor vehicles.

As reported last week, Sucnorp has said it expects claims from storm damage to hit their $250 million threshold and eat into a layer of their reinsurance for the 2015 financial year.

IAG also reported an expected net claims cost of between $140 million and $170 million after they received over 15,000 claims after the storm hit.

Insurers have also noted that more consumers are using online channels to lodge applications with Suncorp and Allianz putting the online claims figure at around one-third of all claims.

The Brisbane Courier Mail reports that both insurers have noticed an increase in consumers using online channels to submit claims – whether that is through the internet or via a mobile phone app – although neither insurer has concrete figures.