The hailstorm that struck south-east Queensland on Saturday (October 31, 2020) has so far caused at least 195 million Australian dollars (140 million) in losses to the country's insurance sector. The amount of losses is expected to increase as insurance claims increase.
Most of the country's insurance claims have been for motor vehicle damage due to the hailstorm. The roof, skylights and solar panels of the house have been damaged and the interior of the house has been damaged in a significant proportion.
The Insurance Council of Australia (ICA) said yesterday that 17,000 insurance claims had been raised since the hailstorm, which was declared the first disaster of the 2020/21 natural disaster season.
Andrew Hall, chief executive of the ICA, said the announcement of the disaster meant insurance companies would prioritize insurance claims for areas affected by the hailstorm and focus on the most urgent need for assistance.
Andrew Hall added that insurance companies expected more insurance claims as more homeowners and businesses visited the loss and contacted their insurance company or an insurance broker. (Source: AIR)
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