Skip to content
30 May 2015
Residents of flood-affected communities in NSW and Victoria are slowly returning to their homes as insurers tally the cost of the latest spate of floods.
By this morning insurers had received 8100 claims at a total insured cost of $64 million. About 80% of claims are for residential property.
The Insurance Council of Australia (ICA) told insuranceNEWS.com.au the cost figure will rise this week as evacuees – including residents from Wagga Wagga and Forbes, two of the worst hit communities in the Riverina region – return home to assess the damage.
Reinsurance broker Aon Benfield last week estimated the total cost of flooding across Queensland and NSW will reach $US919 million ($862 million). No figure for Victoria was provided.
Major flood warnings are still in place for the Riverina towns of Narrandera and Darlington Point, while Kenebree, Bourke and Louth in NSW’s central west remain on high alert.
Residents of Morundah, 125km west of Wagga Wagga, were ordered to evacuate their homes on Sunday night as river levels rose.
Cleanup activities continue in North Wagga, with the State Emergency Service telling residents they will be able to access their properties during daylight hours only.
“The ‘all clear’ will not be issued until all functional areas are satisfied that the area is safe for all residents to return,” it said.
As conditions in Victoria eased over the weekend, isolated areas received up to 9mm of rain. An evacuation order for Nathalia in the state’s north is still in place.
ICA has declared the NSW Riverina, NSW central west and northern Victoria catastrophe areas.
CEO Rob Whelan says it’s still too early to estimate the full extent of the damage.
“But we are receiving a rising number of claims for over-the-floor inundation of residential properties,” he said. “The situation is being closely monitored and hopefully will ease over coming days and not reach the same levels of damage as last year’s Queensland and Victorian floods.”
28 May 2015
Do you have strong domestic or commercial motor claims experience? Are you looking for an exciting new challenge with a market leading insurer? If you answered yes, read on to find out about our Claims Consultant vacancy.
27 May 2015
In this role you will provide innovative solutions to training needs by designing, co-ordinating and delivering training that exceeds expectations.
25 May 2015
Dynamic corporate insurer, quality products, lots of scope to progress, diverse portfolio, great team environment, lots of broker networking and attractive staff benefits!
25 May 2015
One of the fastest growing brokerages in Australia have two brilliant roles available for ambitious brokers who are keen to be recognised for their success!
25 May 2015
Administration Assistant required for insurance brokerage based in South Brisbane.
20 May 2015
RentCover Underwriting Agency is Australia’s foremost privately owned and operated landlord insurance provider.