Busy February for Insurers & Brokers

Bushfires and Cyclones responsible for large insurance losses

The Insurance industry has had a busy month, with insurers and brokers continuing to help people when they are at their most vulnerable.

The Insurance Council of Australia has said insurance losses from Bushfires and a cyclone in the NT have topped $64M, and are expected to climb as claims are received for the current cyclone affected areas.

The 4 large Insurance losses include:

the Tathra bushfire has reached $36M with 340 claims
Southwest Victoria bushfire have reached $12M with 120 claims lodged.
Cyclone Marcus in Northern Territory have reached $16M from 3,100 claims
Claims from Cyclone Nora are expected to flow in this week as damage is assessed and blocked roadways are opened up

Losses of these magnitude remind us all that the most important part of the insurance cover is the promise to help you get back on your feet, as no one remembers the premium.

If you have suffered a loss please contact your broker or insurer to arrange help.

Thanks to our friends at insurancenews.com.au for the regular updates with the statistics.

Busy February for Insurers & Brokers

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