Spike in Weather-Related Insurance Claims During Summer Revealed

2

Evidently, the summer became a difficult season for many Australians, with nearly half witnessing extreme climatic conditions. Record-breaking heatwaves, powerful storms, and persistent cyclones made their mark. Homes were significantly affected, with 13,817 insurance claims made, of which the majority were connected to harsh weather phenomena stemming from heated, moist air masses leading to torrential rains and catastrophic hail.

As the seasons transition, NRMA Insurance anticipates the incidence of intense thunderstorms equipped with considerable hail, torrential downpours, and fierce gales targeting the east coast. Metereologist Zac Segger from NRMA Insurance notes the heightened susceptibility of areas in southeast Queensland, eastern New South Wales, and eastern Victoria to these formidable weather patterns.

Segger highlighted the sudden and sometimes catastrophic emergence of wild weather, emphasizing the substantial damage it can impart in a remarkably short span of time. High-impact summer events included the likes of Cyclone Jasper and various subsequent storms and heatwaves, alongside bushfires primarily in Western Australia, marking Perth’s third hottest recorded summer season.

Natalie Major, EM Claims from NRMA Insurance, points to a study encompassing 3500 Australians, revealing that a mere 40% took preemptive actions to secure their homes against extreme weather episodes in the previous year. She stresses the importance of proactive measures such as clearing debris, cleaning gutters, pruning trees, and executing vital repairs to enhance resilience against severe climate events.

The wild summer weather instigated a sharp rise in claims within New South Wales for NRMA Insurance, soaring from spring's 3200 to 11,213, with 59% linked to severe weather impacts. The Hunter Valley, Central West, Baulkham Hills, Sydney, and Hawkesbury were among the predominantly affected zones.

Queensland too bore its share of adverse weather, reflected by a substantial hike in claims to 5110 from the preceding 383 in spring, with the Gold Coast facing the brunt, accompanied by Logan-Beaudesert and Wide Bay regions.

In the Australian Capital Territory, the numbers were equally telling, with claims amounting to 1954 related to home and motor issues caused by harsh weather, a dramatic upturn from the prior spring's 188.

Both individuals and communities are impelled to remain vigilant and prepared as these climate trends and patterns evolve, reinforcing the necessary precautions to mitigate damage and ensure safety.

Published:Wednesday, 27th Mar 2024
Source: Paige Estritori

Share this news item:

Insurance News

Antique Car Claim Hits the Brakes: Home Insurance Does Not Cover Vehicle Damage 24 Apr 2024: .Paige Estritori In an intriguing turn of events, a dedicated car enthusiast's claim for damages to his vintage vehicle under home insurance has been denied after a careful review by the Australian Financial Complaints Authority (AFCA). The individual's relic, a 1970 Mercedes-Benz 280e sedan, which was being lovingly restored and was far from operational, rolled into an adjacent van following the snap of a winch cable. - read more

Communities Laud Insurance Improvements Post-Flood Events 23 Apr 2024: .Paige Estritori Residents and officials from regions affected by flooding have observed a discernable shift in insurers' handling of claims following natural catastrophes, with recent proceedings reflecting a more positive trajectory. This outlook emerged during a federal inquiry session that gave a voice to flood-impacted communities in Heathcote, Victoria. - read more

Traveler's Appeal on Wildfire Claim Denied by Adjudicator 22 Apr 2024: .Paige Estritori An individual's anticipation of a serene vacation in Hawaii was met with a grievous twist when wildfires ravaged Maui, leading to an urgent evacuation and unplanned expenses. A customer of Mitsui Sumitomo ventured to the Pacific paradise only to have plans upended by nature's wrath. The ensuing insurance claim denial sparked a dispute which has now been resolved by the authoritative voice of the industry’s dispute resolver, leaving a glaring reminder of the importance of scrutinizing insurance options. - read more

Life Insurance Participation Drops By Nearly One-Fifth in Five Years 19 Apr 2024: .Paige Estritori Last year, research from a major insurance provider signaled a significant shift in the life insurance landscape within Australia, showing a marked decrease in the percentage of insured non-dependent adults of working age. Only 77% now carry some form of life insurance, a stark contrast to the 94% coverage rate recorded in 2017. Industries evolve, yet the dip in these figures marks a noteworthy trend within the life insurance sector. - read more

London's CFC Gears Up for Australian Expansion With Local Acquisition 18 Apr 2024: .Paige Estritori In a strategic move to fortify its Australian footprint, the prominent London-based cyber insurance firm CFC has announced the procurement of Melbourne's Solution Underwriting. Already an experienced player in the Australian insurance sector, CFC’s recent acquisition marks a significant augmentation of its local operations. - read more

Urgent Call for Stamp Duty Reforms as Queensland Votes Loom 18 Apr 2024: .Paige Estritori In the lead-up to the imminent Queensland state election, the Australian Consumers Insurance Lobby (ACIL) is fervently appealing to prospective legislators to prioritize an overhaul of the antiquated stamp duty regime. ACIL has pinpointed this as a critical issue, particularly in the context of the escalating costs that have disproportionately impacted residents in the north of the state. - read more