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ICA sets out to ‘bust myths’ on disaster coverage

The Insurance Council of Australia (ICA) will hold community forums in cyclone and flood-exposed parts of north Queensland next month to improve understanding of premiums and policies amid criticism of the industry.

“Though insurers are working hard to help families and businesses rebuild and recover, the industry often hears common questions and misconceptions about insurance, especially as it relates to natural disasters,” CEO Rob Whelan said.

“The forums are being held in seven key communities to provide information on insurance and risks, bust some myths and hear from policyholders.”

Topics will include how insurance works, its availability, the impact of cyclones and floods on premiums, and what can be done to lower premiums.

“Insurers know the region well, having paid more than $4.4 billion in flood and cyclone claims in north Queensland in the past decade, including more than $800 million following Cyclone Debbie,” Mr Whelan said.

The first forum is in Cairns on Monday July 3 from 6.15-9pm. Sessions starting at 6pm will be held that week from Tuesday to Friday at Innisfail, Ingham, Townsville and Proserpine.

Forums will be held at Mackay on July 10 and Rockhampton on July 11.

Experts will provide a briefing on the issues and risks at each location and how they affect insurance, and attendees will gain individual advice.

ICA has invited councillors and politicians to the forums, and is encouraging local brokers and other insurance professionals to attend.

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