The move by AIA Australia and Bupa comes in the wake of unpaid claims by insurance companies. Recent days have seen thousands of small business owners in Australia struggle to make ends meet and consequently having their insurance claims for Covid-19 related business interruption losses rejected by some of the leading insurance companies in Australia.
a good number of law firms argue that insurance company exclusions that mention the recently revoked Quarantine Act may not hold up. However, insurers feel the intention of having exclusions is clear irrespective of the act that has been referred to.
The insurance claims are projected to be in excess of $1 billion, as reported by an industry insider.
In his LinkedIn post, Mr Sullivan noted that 74% of all damaged buildings had been built before 2009, a time when more stringent standards were introduced in the construction industry.
Insurance claims are coming in fast after the monstrous hailstorm that pelted through Central Queensland on Sunday, with the State Emergency Services (SES) warning that the damage could take months to repair.
The declaration means that all insurance claims lodged by various insurance companies will be expedited.
Canberra and parts of NSW and Victoria were smacked by heavy storms on Monday, leaving behind a trail of hail damage that has seen a spike in insurance claims
As of the 22nd of November, insurers have received 15,870 claims, including 11,199 motor vehicle associated claims. Losses have been estimated at a value of $120 million, these numbers are still expected to increase.
Over 5000 Queenslanders have already lodged insurance claims for their car or property since the devastating hailstorm in November. This is everything you need to know if your vehicle or property gets damaged throughout the storm season.
A hailstorm impacted communities throughout Southeast Queensland, earlier this week the ICA informed the public that it has been declared a catastrophe.