Ex-Cyclone Alfred losses likely to exceed hundreds of millions as claims top 50k

With claims for ex-Tropical Cyclone Alfred reaching 53,182, Aon has suggested that economic and insured loss impacts will likely exceed hundreds of millions of AUD.

Cyclone Alfred made landfall near Brisbane at around 23:30 AEST on March 7, generating high winds, flooding, and storm surge that caused significant damage.

The seventh named storm of the Australian cyclone season, Cyclone Alfred primarily affected southeast Queensland and the North Coast of New South Wales, significantly impacting the densely populated Brisbane area.

As per a new report from Aon, over 20,300 properties faced storm surge risk, with more than 450,000 properties losing power in Queensland, the largest disaster-related outage in the state’s history.

“There was at least one death, dozens injured, and several people missing. The Gold Coast experienced substantial coastal erosion, and high-exposure areas were severely affected,” Aon’s report added.

According to the Insurance Council of Australia (ICA), total claims from Cyclone Alfred have now reached 53,182. Of these, 49,226 are from Queensland and 3,956 are from New South Wales. Of these claims, 48,621 are for Home, 2,315 are for Motor, and 2,246 are for Commercial.

The number of claims has been increasing steadily. Yesterday, the total stood at 44,000, up from 34,000 the day before.

With all this in mind, the ICA has now released a new Expression of Interest (EOI) form to
encourage interstate tradespeople to assist with recovery and rebuilding efforts following Cyclone Alfred.

Andrew Hall, CEO of the Insurance Council of Australia, commented, “While insurers are progressing claims made following ex-TC Alfred and have stood up their own resources, this trial EOI initiative can provide insurers with additional resources should they be required.

“It allows interstate tradespeople with the right expertise and availability to not only secure work but contribute towards the community’s ongoing recovery.

“Importantly, trialling this initiative now provides the industry with a template for future, larger events when interstate surge workforces may be required.

“We encourage all qualified builders and tradespeople to express their interest to help communities recover as quickly as possible.”

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