One year on, most bushfire victims choose cash
Victims of the Black Saturday bushfires appear to be abandoning their communities in the wake of the $1.1 billion disaster.
With 95% of claims finalised, the Insurance Council of Australia (ICA) says insured losses stand at $1.1 billion with nearly all claimants opting for cash payments instead of rebuilding their homes. The first anniversary of the bushfires was yesterday.
Only 8% of the 10,280 claimants now processed have requested reconstruction. The figure is in stark contrast to the aftermath of most natural disasters, where more than 80% usually choose to rebuild.
ICA says anecdotal reports from insurers suggest residents are deterred from rebuilding by underinsurance, safety concerns and the effort required.
More than 80% of claims from February’s bushfires were property and content related.
The Black Saturday bushfires are now the ninth most damaging catastrophic event in Australian history. More than 2000 homes and 136,000 hectares were lost from 480 separate bushfires across the state.
More articles like this
- General insurers in good shape despite disasters »
- Industry defends strata insurance pricing »
- Actuaries call for flood insurance pool »
- Insurers gouging, says Bligh »
- Queensland-NSW floods just seasonal weather »
- Melbourne storms cost insurers $550 million »
- Latest NZ quake claims total over $NZ1.2 million »
- 2011 catastrophe claims blow out to $4.9 billion »
- Reinsurers to cover 80% of NZ earthquake cost »
- Earthquakes royal commission seeks extension »
Latest Jobs
Self-employed brokerage opportunity without the need for a capital investment
1 February 2012
Consolidated Insurances offers a training and career opportunity to develop your own client register with the view to becoming a fully-fledged self-employed insurance broking business within a structure superior to any existing franchise agreement.
Manager, Sales and Relationships/ Business Development Manager
27 January 2012
Innovative market leader I Strong culture I Be responsible for the Sunshine Coast - Gold Coast region I Attractive Package (including salary sacrifice vehicle) I Tools of trade include smart phone and laptop
Public Liability Litigated Claims Officer
24 January 2012
Are you an expert in managing public liability claims, and want to move out of private practice? 12 month contract opportunity for you to get your foot in the door of a successful Australian business.
Business Development Manager, WA
20 January 2012
An exciting opportunity exists for an experienced BDM to join our friendly and supportive organisation that really makes a difference in the community. Position has arisen due to an internal promotion. Great team environment!
Data Entry
18 January 2012
An underwriting agency is seeking an experienced WinBEAT Processor/Administrator to join their small but busy team.
Business Development Officer
17 January 2012
The Business Development Officer is responsible for growing MIGA's Queensland business through the development and implementation of marketing and promotional initiatives, the identification of sales opportunities and implementation of sales strategies.
This week's most popular
- Steve Lardner set to retire »
- QBE performance wobbles »
- Losses continue to grow at Calliden »
- Insurers gouging, says Bligh »
- Club Marine CEO injured in road crash »
- Lumley appoints new distribution head »
- Industry defends strata insurance pricing »
- Suncorp sees big opportunities in AMP deal »
- Disasters bite into Wesfarmers’ insurance profit »
- General insurers in good shape despite disasters »