Catastrophic storm events cause millions in damages
November 10, 2020
The recent hailstorm event in South East Queensland was declared as a catastrophe by The Insurance Council of Australia (ICA). This was the first catastrophe declaration for the 2020-21 natural disaster season.
The millions of dollars of damage caused by the violent storm is a critical reminder to ensure that you are properly covered against adverse and unpredictable events.
The outcome of this extreme weather event
On Monday the 2nd of November, following on from the weekend of the storms, insurers received more than 5000 claims, with insured losses estimated at $60 million. Approximately 60% of these claims were for damage to motor vehicles and around 40% for damage to property and houses.
Due to the fact that the event was declared a catastrophe, insurers will prioritise claims from the hail-affected areas and will direct urgent attention to those most in need of assistance.
What does this mean for you?
It is vital to be proactive in mitigating your business’ loss in situations such as a storm, in order to meet your insurance obligations and to be able return to business operations as usual, as soon as possible.
Complacency and a failure to adapt to the increased likelihood of extreme weather is a real danger for businesses. Therefore, preparing your property and fully understanding the risks in the event of extreme weather such as storms is vital.
Reviewing your covers in respect of extreme weather protection regularly can reduce the risk of your business being under insured. This can save you time and money when making a claim, particularly in light of these recent events and the predicted La Nina weather system.
How can Gow-Gates help?
Risk management is key. Businesses should be mitigating against loss before extreme weather events hit, as part of ongoing procedures. Neglect in these situations can lead to your claims being adversely affected.
This is where Gow-Gates can help. Our team of dedicated and expert brokers can offer advice on the best insurance solutions for your business.
Gow-Gates has now activated our National Catastrophe Contingency Plan, and we are ready to assist our clients.
Please do not hesitate to contact us, so that we can help you through this challenging time.
P: 02 8267 9999