Pressure mounts for insurers to reveal their flood claims

[Joanne98]

Source: The Australian

MAJOR insurance providers are under pressure to update investors on the extent of claims from the floods that have devastated Queensland.

MAJOR insurance providers are under pressure to update investors on the extent of claims related to the floods that have devastated Queensland.

So far only Suncorp, which has the greater exposure to its home state of Queensland, has made any official comment to the Australian Securities Exchange.

On Friday, Suncorp issued a statement declaring that it had a comprehensive reinsurance plan in place and made allowances for natural disasters.



Read more: http://www.theaustralian.com.au/business/pressure-mounts-for-insurers-to-reveal-their-flood-claims/story-e6frg8zx-1225981266486

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How much you want to be they're not going to pay?

[dipsydoodle]

1. Broadly speaking

any refusals with regard to paying insurance claims seem to relate mainly to the USA and not elsewhere.

I've never been aware of such events in the UK nor Australia where my sister lives. In the UK its almost the opposite. In the event of something big time the insurers know they will get inundated with claims possibly causing administrative delays and so to ease the situation they set an amount in £'s whereby claims below that should just proceed without delay and the bill sent in for prompt payment.

Any OZ DU'ers out there care to comment ?

[TheMadMonk]

2. Floods are iffy. And generally not covered at all on a standard...

...policy, under an "act of God" clause, unless it can be proven that man made interference was the proximate cause of the flooding. Flood insurance is (or was the last time I paid any attention) obtained in addition to standard home and contents insurance. Same goes for bushfires.

[dipsydoodle]

3. Well at least that's specific

so presumably policy holders know what's what.

Only "act of God" which affected me personally, if that's what you'd call it , was the hurricane which crossed London late '80's and ripped a hole in my roof. I had no problems getting that sorted.

I've many friends in Carlisle which was severely flooded last couple of years and they had no issues with insurance claims either.

:hi: