Industry body issues storm season warning

Industry body issues storm season warning | Insurance Business

Industry body issues storm season warning
NIBA is urging Western Australia and Queensland homeowners and businesses to make sure they have adequate insurance arrangements in place ahead of cyclone season commencing on 1 November.

El Nino conditions have decreased the risk of cyclones and flooding this season to slightly below normal levels but the Bureau of Met is still recommending consumers take every effort to prepare for bad weather, views echoed by NIBA’s CEO Dallas Booth.

“We’ve seen enough examples in recent years of the damage that can be caused by cyclones and storms in a very short amount of time, such as the Exmouth floods in April this year,” he said.

“Even if the risk of flooding and cyclone is slightly reduced this year, there is still the potential for communities to be devastated by storm events and that’s why it is imperative people make sure their insurance arrangements are all in order.”

Booth recommended consumers and business owners seek the advice of a qualified insurance broker to make sure they are covered for all eventualities.

“Insurance can be an incredibly complex product to understand, so we recommend speaking to an insurance broker to make sure that the things that are most important are adequately covered. Brokers know the market and they really understand policy wordings, so consumers can be confident that they have the very best cover in place should the worst happen,” Booth added.

“Brokers are qualified to give professional advice tailored to a policyholder’s personal needs and their role is to get the best deal for the policyholder – including in the event of a claim being made.”