Much of coastal Queensland remains open to the threat of adverse weather throughout the year. Late last year, hailstorms in Brisbane caused more than $1 billion in home and contents damage.

The latest example is Cyclone Marcia, the effects of which have now been labelled catastrophic by the Insurance Council of Australia (ICA).

A recent update by the ICA, reveals that 8,950 insurance claims have now been made, totalling more than $53.4 million in estimated losses.

Many communities and organisations, particularly in Yeppoon and Rockhampton will be assessing the damage and contacting their insurance broker for advice.

Insurance Council CEO Rob Whelan said ICA staff encouraged people to do this. Insurers often prioritise such cases to help businesses make a claim and get back on their feet sooner.

“More claims are expected to be lodged as residents return to their homes and assess the extent of damage to their property and possessions,” he said.

In a similar February 20 statement, the CEO explained: “Queensland households and businesses can be assured the insurance industry has already geared up for cyclone claims. Call centres are standing by to answer queries and guide customers through the claims process, and insurers’ rapid response teams are ready to enter cyclone-hit areas when it is safe to do so.”

Mitigating risks

Natural disasters are one of the common risks of being established in Australia. While the country is no doubt a fertile ground for industries of all types, they also need to take care from the often unavoidable threats.

These can include storm damage, bush fires and flooding, and a strong business insurance policy can be the only way to remain financially unharmed should the worst come to pass.

Discuss with your local insurance broker what threats need to be protected against, and which insurance products will best suit your industry, location and budget.

From property damage cover to business interruption insurance, MGA’s regional experts are able to assist in protecting your physical and financial assets. Contact us today for help.