IAG provides update on effect of natural perils and disasters in Australia

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Insurance Australia Group’s Managing Director and CEO Mike Wilkins has provided further updates on the natural perils which have affected so many people throughout Australia in January and February.

Since the beginning of January 2011, the Group has incurred an estimated net natural peril claim cost of around $300 million from major weather and other natural peril events, including:
1) Severe storms and flooding in south-east Queensland and northern New South Wales (January 2011);
2) Severe weather and flooding in Victoria (January 2011);
3) Tropical Cyclone Yasi in northern Queensland (February 2011);
4) Severe storms in Melbourne (February 2011); and
5) Bushfires in Perth (February 2011).

Wilkins said the rebuilding efforts were far from over for many affected customers, and the Group’s people were continuing to work around the clock to assist them.
“While we’ve experienced an unusually large number of extreme events in a very short period of time, our long heritage in responding to such events means we have the operational procedures in place to respond to our customers as quickly as possible,” he said.

“As one of Australia’s leading insurers we also understand we have a role to play in addressing the availability of flood insurance. It requires a collaborative approach between industry, governments and communities. Initiatives needed include better flood maps, stricter land use planning, stronger building codes, appropriate infrastructure, and a common definition of flood,” Wilkins said.

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