ICA holds storm forum in Picton

ICA holds storm forum in Picton | Insurance Business

ICA holds storm forum in Picton
Following an east coast low that struck early last month, the Insurance Council of Australia (ICA) has hosted an insurance forum at Picton, south of Sydney for flood and storm-affected policyholders.

ICA CEO Rob Whelan said the event was for informing insured householders and businesses about the claims process, as well as rebuilding and legal matters. The forum was also an opportunity for ICA to explain the level of flood risk in the Picton area, and why insurance policies distinguish between storm and flood damage.

The forum, which was held at the Picton Bowling Club, was attended by some 20 claimants who had a chance to inquire about their insurance concerns to representatives of the insurance council, insurance providers, and the Legal Aid.

“After a question and answer session, claimants were able to sit down with their insurer and other specialists to discuss their claims, and seek expert guidance on their circumstances,” Whelan said.

“Many of the policyholders in attendance were keen to discuss the repair process, including construction timetables, rebuilding options, and the availability of cash settlements.”

“A handful of claimants who had opted not to purchase flood cover were able to raise their concerns directly with their insurer, and receive in depth explanations about how their claim had been assessed. There were also offered advice about formal claims dispute process.”

Whelan said policyholders in the flood-affected northern Tasmania can expect two insurance forums in their area soon.

The east coast low that lashed early June across Queensland, New South Wales, Victoria, and Tasmania has caused about $235 million in insured losses from more than 32,000 claims.

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