Income Insurance Online :: News
SHARE

Share this news item!

Severe Weather in Eastern Australia Sparks Insurance Claims Spike

Severe Weather in Eastern Australia Sparks Insurance Claims Spike

Severe Weather in Eastern Australia Sparks Insurance Claims Spike?w=400
Recent storms sweeping across New South Wales and parts of Queensland have led to a surge in emergency calls and insurance claims, as residents grapple with the aftermath of strong winds, heavy rainfall, and hail.
This extreme weather has posed significant challenges to numerous households and businesses, prompting a rallying cry for assistance.

The New South Wales State Emergency Service (SES) has reported over 2,500 incidents related to the severe conditions, indicating a public safety crisis. As the storms continue, the SES anticipates that the number of incidents will rise, particularly across the Mid North Coast and northeastern regions of the state.

Among the most affected areas, issues such as fallen trees, downed powerlines, and property damage have dominated the dispatch calls. Within a mere 24-hour period, more than 143,000 homes experienced power outages, showcasing the widespread impact of the storms.

Insurance companies like Allianz have already begun to respond, with more than 80 claims received as of 10 a.m. the next day. “High callout numbers from the SES typically indicate an uptick in property claims, and we’re prepared for that,” stated a company spokesperson, highlighting the industry's readiness to handle the aftermath of such severe weather events.

As the weather conditions remain volatile, further claims are anticipated in the days to come. The SES has reported tragic incidents, including the death of an elderly man in Cowra after a tree struck his vehicle, and injuries sustained by individuals in Wagga Wagga due to other storm-related hazards.

Gusts exceeding 100 kilometers per hour have been recorded at various locations, including Wagga Wagga and Sydney's Kurnell, emphasizing the extreme nature of the wind associated with these storms. Queensland has also faced its share of challenges, notably in Stanthorpe, where substantial hailstorms have wreaked havoc.

Among the hardest-hit areas identified by Suncorp are Maitland and Wagga Wagga in NSW and Stanthorpe in Queensland. “In light of the ongoing weather forecasts, we are taking steps to support our affected customers and are proactively reaching out to them,” said a Suncorp representative, underscoring the commitment of insurance providers to assist those in need during this natural disaster.

According to the Bureau of Meteorology, hailstones measuring up to 13 centimeters have been observed south of Grafton, with seven-centimeter stones reported near Kyogal later in the afternoon. A warning for large hail, damaging winds, and heavy rainfall remains in effect for parts of the Northern Rivers, Mid North Coast, and Northern Tablelands districts.

While communities begin to assess the damage and reconstruct following these storms, the impact on local economies and the insurance industry is expected to be significant. Events like these remind us of the power of nature and the importance of preparedness and responsiveness within the financial services sector.

This report captures insights from various sources, including the SES and major insurance firms such as Allianz and Suncorp, illustrating the extensive repercussions of this recent weather outbreak.

Published:Friday, 17th Jan 2025
Source: Paige Estritori

Share this news item:

Insurance News

Storm Devastation: Over 11,000 Claims Filed in NSW and ACT After Severe Weather Storm Devastation: Over 11,000 Claims Filed in NSW and ACT After Severe Weather
21 Jan 2025: Paige Estritori

The recent onslaught of electrical storms that lashed across New South Wales (NSW) and the Australian Capital Territory (ACT) has resulted in a flurry of activity from the insurance industry, as shown by the impressive number of claims filed. In an eventful week of wild weather, the Insurance Council of Australia reported an influx of 11,366 claims tied to the severe storms that began on January 15. - read more
Severe Weather in Eastern Australia Sparks Insurance Claims Spike Severe Weather in Eastern Australia Sparks Insurance Claims Spike
17 Jan 2025: Paige Estritori

Recent storms sweeping across New South Wales and parts of Queensland have led to a surge in emergency calls and insurance claims, as residents grapple with the aftermath of strong winds, heavy rainfall, and hail. This extreme weather has posed significant challenges to numerous households and businesses, prompting a rallying cry for assistance. - read more
Broker Sentenced for Fraudulent Builders’ Insurance Scheme Broker Sentenced for Fraudulent Builders’ Insurance Scheme
15 Jan 2025: Paige Estritori

In a significant legal crackdown, a broker has been sentenced for his involvement in selling fraudulent builders’ warranty insurance to construction firms in New South Wales. This case underscores the urgent need for regulatory vigilance in the insurance sector. - read more
LA Wildfires Set to Shatter Insurance Loss Records LA Wildfires Set to Shatter Insurance Loss Records
14 Jan 2025: Paige Estritori

Recent wildfires in Los Angeles are projected to lead to unprecedented insured losses, potentially exceeding $20 billion USD (approximately $33 billion AUD). This alarming situation underscores the escalating risks associated with natural disasters, as communities brace for the fallout from this catastrophic event. - read more
Catastrophe Bonds: The Future of Cyber Risk Management Catastrophe Bonds: The Future of Cyber Risk Management
07 Jan 2025: Paige Estritori

As digital threats escalate, the financial sector is looking at innovative methods to enhance cyber risk management, with catastrophe bonds emerging as a pivotal tool. The Geneva Association emphasizes the necessity of alternative risk transfer solutions to mitigate the burgeoning cyber protection gap. - read more


Life Insurance Articles

Why Income Protection Insurance Is Essential for Australians Why Income Protection Insurance Is Essential for Australians
Income protection insurance is a type of personal insurance that provides financial support if you are unable to work due to illness or injury. It ensures that you continue to receive a portion of your income, helping you manage daily expenses and financial commitments during recovery. - read more
Income Protection Insurance: Understanding Waiting Periods and Benefit Periods Income Protection Insurance: Understanding Waiting Periods and Benefit Periods
Income protection insurance is a financial product designed to support individuals in the event that they are unable to work due to illness or injury. This type of insurance provides a regular income, helping to replace a portion of lost earnings and meet daily living expenses. Virtually anyone earning an income, especially those with financial dependents or significant debts, should consider the peace of mind that income protection can offer. - read more
Income Protection Insurance Explained: Ensure Your Livelihood in Times of Uncertainty Income Protection Insurance Explained: Ensure Your Livelihood in Times of Uncertainty
When life takes an unexpected turn, whether due to illness, injury, or other unforeseen events, the financial repercussions can be devastating. This is where income protection insurance becomes an essential component of maintaining financial stability. Income protection insurance acts as a safety net, ensuring that even in times of hardship, your financial obligations can be met, and your standard of living maintained. - read more
Deciphering Your Policy: A Beginner's Guide to Insurance Terminology Deciphering Your Policy: A Beginner's Guide to Insurance Terminology
Welcome to the world of insurance – a domain where words like 'deductible' and 'premium' can significantly impact your financial protection and peace of mind. As a beginner, grasping the basics of insurance terminology is the first step towards making informed decisions about the policies that safeguard your assets and future. In this guide, we will embark on a journey through the language of insurance, which can often seem as complex as the policies themselves. - read more
Income Safety Net: How to Choose the Right Income Protection for Your Lifestyle Income Safety Net: How to Choose the Right Income Protection for Your Lifestyle
In the face of life's unpredictable twists and turns, few things are as disconcerting as the possibility of suddenly losing your ability to earn an income due to illness. Such events are often unexpected and can have significant financial repercussions that interrupt not only your flow of daily life but also compromise your future plans. - read more
Finding Accidental Coverage When Comprehensive Income Protection Isn't an Option Finding Accidental Coverage When Comprehensive Income Protection Isn't an Option
Income protection is an integral part of maintaining your financial security, especially in the event that unforeseen illnesses or injuries prevent you from working. Enabling you to receive a percentage of your regular income, this type of insurance provides a safety net, ensuring that you can continue to cover your living expenses and financial obligations whilst recovering. - read more
Income Safety Net: How to Choose the Right Income Protection for Your Lifestyle Income Safety Net: How to Choose the Right Income Protection for Your Lifestyle
In the face of life's unpredictable twists and turns, few things are as disconcerting as the possibility of suddenly losing your ability to earn an income due to illness. Such events are often unexpected and can have significant financial repercussions that interrupt not only your flow of daily life but also compromise your future plans. - read more
How to Avoid Common Mistakes When Filing an Insurance Claim How to Avoid Common Mistakes When Filing an Insurance Claim
Filing an insurance claim in Australia can be a daunting process, especially if you are not familiar with the necessary steps and requirements. Claiming insurance is crucial when you need financial support, whether due to a natural disaster, accident, or another unexpected event. - read more
Income Protection Insurance and Tax Benefits: What You Should Know Income Protection Insurance and Tax Benefits: What You Should Know
Income protection insurance is a type of cover designed to provide you with a safety net if you are unable to work due to illness or injury. By offering regular payments that replace a portion of your income, it helps ensure that you can maintain your lifestyle and cover essential expenses during challenging times. - read more
Combining Financial Security and Affordability: Income Protection for Australians Explained Combining Financial Security and Affordability: Income Protection for Australians Explained
Financial security is a cornerstone of peace of mind, particularly when life is known for its unpredictability. This introductory section sheds light on the vital nature of income protection insurance and its role in safeguarding Australians' financial well-being. Ensuring continual financial inflow during times of illness or injury not only offers stability but also protects one's standard of living. - read more


Start Here

Monthly Income Benefit:
Postcode:

All quotes are provided free on our secure server and without obligation. We respect your privacy.

Knowledgebase
Moral Hazard:
The concept that individuals may take on more risk when they do not bear the full consequences of that risk, often relevant in insurance scenarios.