Queensland hailstorm puts pressure on the homeowners insurance sector

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Insurance Council of Australia reports more than 68,000 claims filed due to disaster

The Insurance Council of Australia has released information concerning one of the most devastating hailstorms that Queensland has ever seen. The organization noted that the damage caused by the hailstorm was so severe that Queensland’s two largest insurance companies may have to call upon their own reinsurance protection to manage costs. According to the Insurance Council of Australia, more than 68,000 claims have been filed as a result of the hailstorm, and this number is still rising.

Hailstorm causes $482 million in damage to properties and vehicles

Thus far, homeowners insurance claims have surpassed $482 million, making this recent hailstorm more expensive than the 2008 Gap storm that struck Queensland. The damage caused by the disaster may prove to be more devastating as adjusters continue to investigate reports of destroyed property. Meanwhile, insurers are warning homeowners with damaged properties to be cautious with independent contractors offering to repair their homes. There may also be those parading as officially insurance adjusters that are looking to take advantage of victims.

Fraud may become a problem for victims of hailstorm

hail storm homeowners insuranceFraud becomes more prevalent in the wake of a major natural disaster and consumers are often taken advantage of by those posing as official insurance representatives. Working with an independent contractor could affect whether or not a claim is approved or rejected. Even if claims are not rejected outright, the claims process can be significantly delayed. Many insurers are already reporting that those with damage to their homes may not have their properties fully repairs until March of 2015, so further delays could be quite disastrous for some homeowners.

Full extent of damage caused by disaster is not yet known

The extent of the damage caused by the hailstorm is not likely to be known for several weeks. Insurance companies in Queensland have begun bringing in adjusters from other Australian states to help manage the workload associated with the disaster. Consumers with severely damaged properties may be able to receive living assistance, depending on the provisions of their insurance policies.

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