Brisbane hailstorm insured losses to date estimated at $804 million

The 86,800 claims lodged to date by property and motor vehicle owners in the wake of the hailstorm that hit Australia’s Brisbane area has produced estimated insurance losses of AU$804 million, the Insurance Council of Australia (ICA) reported Thursday.

The claims total consists of 22,000 claims for house and contents policies, 4,000 for commercial property and business, 58,000 for domestic motor vehicles and 2,800 commercial motor claims, notes a statement from ICA.

Both the claims and estimated loss total are up considerably from a council announcement Dec. 4, when the number of claims was 68,981 and estimated losses were AU$482 million. At that time, the claims breakdown was 17,509 for house and contents and 51,472 for motor vehicle.

In the statement Dec. 11, Rob Whelan, chief executive officer of the council, said insurers were “focused on sending assessors to damaged homes and examining hail-damaged vehicles, (and that) many high-priority claims have now been assessed.”

Citing the large number of motor vehicle claims, Whelan recommended policyholders with hail-damaged vehicles speak with their insurers about written-off cars in Queensland, where the legislation “reflects an understanding that hailstorms are common in the state.”

If a motor vehicle owner decided to keep a hail-damaged vehicle, or someone purchased a hail-damaged vehicle, Whelan explained, it could be very challenging to gain comprehensive motor vehicle insurance. “Many insurers may not insure motor vehicles with existing hail damage, and there are safety issues to be considered too,” he cautioned.