POWERED BY MOMENTUM MEDIA
Flooding insurance claim estimates pass $2b
The estimated costs of claims related to the floods on the East Coast of Australia have now passed $2 billion, according to the Insurance Council of Australia.
In an update on 14 March, the organisation said it had received 135,697 claims related to the floods in South-East Queensland and New South Wales.
Claims had increased by 11.8% over the weekend with most coming from South-East Queensland.
However, the organisation cautioned a global shortage in building materials and labour would have an impact on rebuild and recovery times.
Last week, Andrew Hall, chief executive of the ICA, welcomed the decision by Prime Minister Scott Morrison to declare the situation a ‘federal emergency’.
“The Insurance Council and insurers have been calling for an increase in Federal Government investment in this area to $200 million per year, matched by the states and territories.
“This infrastructure and mitigation investment is vitally important to prevent future harm and devastation to these communities, as we know flood events will inevitably repeat.”
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
Recommended for you
The $135 billion fund has transitioned away from TAL Life Insurance following an “extensive tender process”.
The $80 billion fund is facing legal action over allegedly signing up new members to income protection insurance by default without active member consent.
In a Senate submission, the Financial Services Council has once again called for further clarification that the government will assess the consumer outcomes of group insurance against the enshrined objective of superannuation.
TAL has launched a digital solution TAL Connect for its superannuation fund partners that links super and insurance for members, with Aware Super as its launch partner.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
73.88 3 y p.a(%)
2
Hills International
63.66 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
36.33 3 y p.a(%)
4
CFS FC Acadian Global Equity Long Short
35.96 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.23 3 y p.a(%)
Add new comment