21 July 2016

Dozens receive guidance and assistance at Latrobe insurance policyholder forum

More than 40 groups of policyholders attended Latrobe Memorial Hall last night as the Insurance Council of Australia (ICA) hosted a forum for flood and storm-affected households and businesses.

The ICA announced the forum in response to the devastation of last month’s east coast low, which produced 2640 claims in northern Tasmania for estimated insured losses of $30.5 million.

ICA CEO Rob Whelan said policyholders at the Latrobe forum greatly appreciated being able to sit down with insurers and other experts to discuss the recovery process.

“In addition to the ICA, the forum brought together representatives from insurance companies, the Financial Ombudsman Service (FOS) and North West Community Legal Service,” Mr Whelan said.

“Though the claims process is well advanced for most policyholders, and hundreds of claims have already been finalised, the ICA recognised some claimants had unresolved questions or concerns.

“The forum allowed policyholders to ask their insurer about the progress of their claim, including the repair and rebuilding process. Several groups also received guidance on formal dispute resolution processes from the ICA, FOS and legal aid.

“Less than 1 per cent of household claims and less than 2 per cent of business claims from this ICA-declared catastrophe have been denied in northern Tasmania, usually because the policyholder did not buy insurance that covered flood damage.”

Mr Whelan said insurers had received 43,244 claims from the east coast low across Queensland, New South Wales, Victoria and Tasmania. Overall insured losses are estimated at $377 million.

“Insurers recognise the emotional and financial trauma these disasters cause, and how important it is for policyholders to get back into their homes and businesses quickly,” he said.

“That is why each insurance company is working as fast as it can to finish processing claims and completing repairs.”

A second forum for claimants takes place tonight at Burnie. Registration is essential.

To register and for venue details, please phone 1800 734 621.

-ENDS-

Dozens receive guidance and assistance at Latrobe insurance policyholder forum


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