Insurance Council of Australia releases key tips | Australian Markets

Keep secure, lodge claims early and take pictures of any injury.

These are the three key issues policyholders within the firing line of Cyclone Alfred need to do, in response to the Insurance Council of Australia.

The cyclone, which is raging off the coast of southern Queensland and northern NSW, is predicted to make landfall early on Saturday morning, smashing into some 4.5 million Australians and probably triggering floods and widespread injury throughout the densely populated zone.

Insurance corporations are bracing for a deluge of claims after the occasion as impacted Aussies assess the injury and attempt to get better their losses.

In a release from Friday afternoon, the ICA says policyholders impacted by Alfred ought to initially “prioritise safety”.

“If you have evacuated your home or business, only return when it is safe to do so,” the council said.

“If your home has water damage, don’t turn on your electricity until it has been inspected by an electrician.

“Do not drive your vehicle if it has suffered water damage.”

Second, the council says affected Australians ought to contact their insurer as quickly as doable.

“You can lodge a claim without knowing the full extent of the damage,” the council mentioned.

“Your insurer will also have all of your policy information on hand.”

Lastly, the height physique recommends these affected “take photos” and make a checklist of broken gadgets, together with “the brand, model and serial number if you can”.

The cyclone is predicted to trigger billions of {dollars} price of injury.

ICA chief govt Andrew Corridor mentioned the council had met with Assistant Treasurer Stephen Jones to debate the unfolding occasion.

“Insurers reiterated that insurers are committed to supporting customers through this event,” Mr Corridor mentioned.

“A number of key insurers based in Suth East Queensland with operations in impact zones are putting in place contingencies; however, their own staff may also be impacted by this event.

“Weather events are often unpredictable and Tropical Cyclone Alfred is proving to be no exception. Safety is our absolute priority and it’s paramount those in the impact zone remain alert.”

Mr Corridor mentioned he anticipated Alfred would produce “a very large number of claims” due to the population density of South East Queensland and northern NSW.

Main ASX-listed insurance coverage corporations corresponding to Suncorp and IAG have offered market updates on Alfred’s potential influence.

Suncorp chief govt Steve Johnston mentioned his company was getting ready its claims groups to help impacted clients.

“Our Disaster Management Centre is active and Suncorp’s disaster response team is closely monitoring the weather system as it approaches the Queensland coast,” he mentioned on Tuesday.

“Any customers affected by this event are reminded they can lodge their claims through our digital channels as soon as it is safe to do so.”

On Wednesday, IAG managing director Nick Hawkins mentioned the company’s call centres throughout Australia and New Zealand have been “well prepared” to help impacted clients.

“We have already contacted many customers to let them know the range of ways they can reach us immediately to lodge any claims and access support such as temporary accommodation and emergency financial assistance,” he mentioned.