Suncorp releases claims update on Victoria flooding

Suncorp releases claims update on Victoria flooding | Insurance Business

Suncorp releases claims update on Victoria flooding

Suncorp has confirmed that it has received around 3,750 claims, predominantly for property damage, since severe storms devastated Victoria.

The storms that flooded the state left tens of thousands of residents without power or telecommunications.

As the full extent of the damage caused by the heavy rain, severe winds, and flash flooding is still unfolding, Suncorp expects the number of claims to rise further in the coming days and weeks.

Suncorp Group chief executive officer Steve Johnston said the insurance giant’s support teams are already on the ground in Traralgon to provide face-to-face support to all its affected policyholders, including those with AAMI, Apia, and GIO. The insurer has also scaled up its flexible claims team to manage the increase in claims and calls from customers.

“Victorians have already been through a lot, and we are moving as quickly and as safely as we can to help our customers and communities affected by this severe weather,” Johnston said.

Johnston advised its customers to lodge their claim online or via phone as soon as it is safe to do so.

“The sooner we have customer details, the sooner we can arrange emergency repairs, organise temporary accommodation for customers whose homes have been severely damaged, and provide cash payments for emergency purchases,” he added.

Suncorp’s total natural hazard costs across Australia and New Zealand year to date to May 31, 2021, were $955 million – around $40 million above the year to date allowance of $915 million. These estimates exclude any associated risk margin or claims handling expenses.

“What we’re seeing in Victoria should again act as a reminder of the devastation which can be caused by severe weather events,” Johnston said.

“More needs to be done to better protect homes in flood-prone regions across the country, including improved town planning and government investment in mitigation infrastructure.”