Insurance claims delays leave Lismore policyholders in limbo

Insurance claims delays leave Lismore policyholders in limbo | Insurance Business Australia

Insurance claims delays leave Lismore policyholders in limbo

Some residents in Lismore, New South Wales (NSW) are in limbo as they still wait for their insurance claims to be settled.

The claims were related to the flood that devastated southeast Queensland and NSW in February and March 2022, deemed the costliest flood in Australia and the fifth costliest disaster after the Eastern Sydney Hailstorm in 1999.

South Lismore residents Gabriel Hooper and Elloise Braden, for example, shared with ABC that they are insured, but are still waiting for their claim to be settled – leaving them in limbo.

“I've never really made an insurance claim before, so I'm not sure if this is smooth sailing or not,” Hooper said, as reported by ABC. “I'm lost.”

Braden added: “As much as we've got insurance, it's taking its time, and we feel like we are in limbo. I think everyone is experiencing a sense of disorientation and that I would say includes insurance companies at the other end.”

Read more: PERILS releases initial insurance losses for Queensland and NSW flooding

Insurance Council of Australia (ICA) acting chief executive Kylie Macfarlane said they are working with insurance companies to process claims as quickly as possible, as reported by ABC.

Meanwhile, the Lismore City Council released a discussion paper early this month, presenting recommendations to help the city “build back better” following the catastrophic flooding.

The Queensland and NSW governments have also introduced ways to help flood-affected residents, with the former launching a flood recovery package backed by the government and the latter establishing the Northern Rivers Reconstruction Corporation (NRRC).