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The clean-up for Queensland property owners affected by the devastating floods has begun with the Insurance Council of Australia (ICA) already receiving over 7,000 claims.
“The general insurance industry has now received over 7000 claims with an estimated insurable value of $365 million,” said Rob Whelan chief executive officer of the ICA today.
These figures do not at this stage even include claims from damage in Toowoomba and Brisbane or large industrial and mining claims.
According to Mr Whelen, approximately 76 per cent of these claims represent property claims; 24 per cent represent motor vehicle claims.
The Insurance Taskforce is working around the clock with Queensland authorities, according to the ICA and has the capacity and resources to handle the large volume of claims.
But the outlook for many property owners is bleak with an estimated half of all insured Queensland homes not appropriately covered for flood damage.
And the ICA has warned that insurance companies will pay out claims strictly according to terms and conditions, with no special favours despite the gravity of the floods.
In real estate, insurance is a contract or policy that protects an individual or entity’s property from damages and losses, receiving reimbursement from an insurance company.