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Highlights
- Insurance Australia Group has said that it had received nearly 6,700 claims related to floods-hitting south-east Queensland and northern New South Wales.
- On Monday, another major Australian insurance major Suncorp said that it had received over 5,000 claims.
- Prime Minister Scott Morrison has already dubbed the unprecedented rains a "weather bomb".
Amid the ongoing flash flooding in eastern Australia, Insurance Australia Group Ltd (ASX:IAG) said that it had received nearly 6,700 claims related to the extreme weather event. The insurer also said that it would be too early to gauge financial hit from the floods hitting southeast Queensland and northern New South Wales.
“The number of claims is expected to rise further in the coming days, with the event still unfolding, and as customers identify damage to their property,” IAG said in an ASX filing.
Commenting on the issue, IAG Managing Director and CEO Nick Hawkins said, “Our dedicated Major Events team is supporting customers with emergency help such as temporary accommodation and ensuring properties are safe and secure. Our teams are assessing properties wherever possible and will move into flood-impacted areas as soon as waters recede.”
Image source: © Satori13 | Megapixl.com
On Monday, another major Australian insurance major Suncorp said that it had received over 5,000 claims related to the floods, with an estimated cost of about AU$75 million.
Meanwhile, the government has ordered thousands of residents to evacuate as heavy rains smashed Australia's east coast on Monday. The extreme weather event has resulted in submerging towns and leaving residents stranded on rooftops.
Since life-threatening flash flooding began last Thursday, nine people have been reportedly killed. Rescue teams were searching on Monday for at least four people reported missing.
Prime Minister Scott Morrison has already dubbed the unprecedented rains a "weather bomb". He said that defence personnel would be deployed to flood-hit areas to lead both rescue and recovery operations.
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