Suncorp receives 700 Queensland storm claims

Report proposes 'self-funding' insurance model for export industries

Suncorp says it has received more than 700 claims from the latest Queensland storms and is monitoring the situation in the state as this year’s wet weather pattern looks set to continue into winter.

“May is shaping up to be one of Queensland’s wettest on record with rainfall at four times the month’s average,” a spokesman told insuranceNEWS.com.au. “With further wet weather expected over the coming weeks, we are monitoring the situation and we are ready to help our customers with any resulting claims.”

Customers should lodge claims when it’s safe to do so, with online lodgement safe and easy, Suncorp says.

Allianz says it is keeping an eye on the event and as of today has received around 420 claims. RACQ said yesterday it had received 376 claims and IAG 221.

The Bureau of Meteorology says June-to-August rainfall is “very likely” to be above median for much of mainland Australia, with the chance of exceeding the median by more than 80% across most of northern Australia, southern Queensland, NSW, north-western Victoria and the north-eastern half of SA.

“Large parts of eastern Australia have a 40% to 60% chance of being in the wettest 20% of past June-to-August periods,” it says. “This is around two to three times the normal likelihood of a very wet season.”

The continuing La Nina, the chance of a negative Indian Ocean Dipole, warmer than average waters around northern Australia, and other localised drivers are likely to be influencing the outlook, it says.

The recent stormy weather began in northern and inland areas before an upper trough and low pressure system fed moisture into southeast Queensland.

See also  ILS “poised for strong market growth” on returns & diversification: Aon

The Bureau of Meteorology issued major flood warnings for a number of the state’s rivers and creeks last week, with some still in place today as water moves through saturated catchments. The Brisbane River remained well below levels that caused extensive damage earlier in the year.

Queensland Premier Annastacia Palaszczuk said on Friday that flooding had affected 300 properties in Laidley, in the Lockyer Valley and the state’s emergency services had responded to some 150 calls for help.

Gympie, which has average May rainfall of 70.7mm, received 119.6mm on Saturday and the Bureau of Meteorology has reported 24-hour totals of more than 200mm in some locations.

Brisbane has received 223mm of rainfall so far this month compared to an average 61.1mm for May. For the year to date it has received around 1486mm compared with an annual average of 1011.5mm.