Commercial Property Insurance Online :: News
SHARE

Share this news item!

Insurers Under Scrutiny for Response to Alfred Flood Claims

Insurers Under Scrutiny for Response to Alfred Flood Claims

Insurers Under Scrutiny for Response to Alfred Flood Claims?w=400

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

In a recent development, Queensland MP David Lee has raised concerns about how insurance companies are addressing claims following the devastating floods caused by Ex-Tropical Cyclone Alfred.
Businesses in Hervey Bay, a region heavily impacted by the floods, report facing significant hurdles in having their damage claims recognized.

Speaking before an upcoming Insurance Council of Australia (ICA) meeting set to address policyholder issues, Mr. Lee highlighted widespread dissatisfaction among flood-affected businesses regarding their insurance claims. According to him, while some insurers have been proactive, others are rapidly dismissing any responsibility for flood-induced damage.

Mr. Lee shared insights based on data from the state's business disaster recovery initiative. He noted a growing trend where business owners are struggling with insurance complications as they strive to recover from the calamity that hit in March. He criticized certain insurers for demanding exhaustive hydrology reports from already distressed clients and called for more efficient resolutions to these pressing claims.

Emphasizing his point, he recounted the ordeal of a local butcher whose shop faced significant damage estimated at more than $300,000. Despite having paid insurance premiums for nearly two decades, the business owner now finds himself in dire financial straits, having to cover employee wages from his depleting savings, without any incoming revenue.

According to the ICA, insurers have processed over 100,000 claims amounting to nearly $1 billion due to Alfred's impact. Hervey Bay, particularly, suffered severe consequences, leading the ICA to label the incident a catastrophe. They plan to hold a meeting in Hervey Bay on May 15 to address ongoing concerns.

Liam Walter, ICA's director of mitigation and extreme weather response, emphasized the importance of direct engagement in Hervey Bay. The council aims to ensure comprehensive support and resolution for those affected, with expectations that assessments and discussions around rebuilding are well underway by now.

Published:Monday, 5th May 2025
Author: Paige Estritori

Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.

Share this news item:

Rate this article

Sign in with Google to rate

0 Comments

No comments yet. Be the first to share your thoughts.

Insurance News

NTI Updates Transport Pack to Support Transport Industry Amid Challenges
NTI Updates Transport Pack to Support Transport Industry Amid Challenges
17 May 2026: Paige Estritori
National Transport Insurance (NTI), Australia's leading truck insurer, has recently refreshed its Transport Pack to better support the transport industry during a period marked by significant challenges. With nearly five decades of industry experience, NTI is leveraging its extensive data to offer solutions tailored to the current needs of transport operators. - read more
Australian Motor Fleets Embrace Telematics to Boost Safety and Control Costs
Australian Motor Fleets Embrace Telematics to Boost Safety and Control Costs
17 May 2026: Paige Estritori
In response to escalating insurance premiums and stringent safety regulations, Australian motor fleet operators are increasingly turning to telematics technology. This shift is particularly evident in sectors with high operational risks and compliance requirements, such as the resources industry. - read more
IAG's Strategic Response to Softening Commercial Insurance Market
IAG's Strategic Response to Softening Commercial Insurance Market
17 May 2026: Paige Estritori
Insurance Australia Group (IAG) is proactively addressing the challenges posed by the current soft commercial insurance market through its Intermediated Insurance Australia (IIA) division. CEO Jarrod Hill has expressed confidence in the division's ability to navigate these conditions, citing a well-balanced business portfolio and strategic operational adjustments. - read more
Tasmania's Collaborative Strategy to Enhance Insurance Affordability
Tasmania's Collaborative Strategy to Enhance Insurance Affordability
17 May 2026: Paige Estritori
The Tasmanian Government has announced a significant shift in its strategy to address insurance affordability and availability within the state. Premier Jeremy Rockliff revealed plans to collaborate with insurers, brokers, and reinsurers to develop solutions that effectively tackle these issues. - read more
Federal Budget 2026: Initiatives to Enhance Insurance Affordability
Federal Budget 2026: Initiatives to Enhance Insurance Affordability
17 May 2026: Paige Estritori
The Australian Government's 2026 federal budget has earmarked $3.4 million over four years to develop measures aimed at reducing property insurance costs and addressing the issue of unintentional underinsurance. This initiative reflects a growing recognition of the financial pressures faced by homeowners and businesses due to escalating insurance premiums. - read more
Click for more Insurance News


Commercial Property Insurance Articles

What does Commercial Property Insurance cover?
What does Commercial Property Insurance cover?
Commercial property insurance is vital for anyone who owns or operates a business that involves a physical location. This type of insurance protects your business premises, equipment, and any inventory within the space. Whether you're a landlord, a small business owner, or a property investor, having a solid understanding of commercial property insurance is essential. It not only safeguards your physical assets but also provides peace of mind for your financial investment. - read more
How Deductibles Impact Your Commercial Property Insurance Premiums
How Deductibles Impact Your Commercial Property Insurance Premiums
When it comes to commercial property insurance, a deductible is the amount of money a policyholder agrees to pay out-of-pocket before the insurance coverage kicks in. This can be a fixed dollar amount or a percentage of the total insured value. Understanding how deductibles work is crucial for any landlord or business owner seeking to protect their assets effectively. - read more
What Factors Affect Commercial Property Insurance Premiums?
What Factors Affect Commercial Property Insurance Premiums?
Commercial property insurance is designed to protect businesses and landlords against losses to their buildings and other related assets. This type of insurance covers various incidents, such as fire, theft, and damage from natural disasters. It's essential for safeguarding not just the physical property but also the livelihood associated with the business operations conducted within that space. - read more
Natural Disasters and Your Commercial Property: Is Your Insurance Adequate?
Natural Disasters and Your Commercial Property: Is Your Insurance Adequate?
Australia is known for its diverse landscapes, but one of the harsher realities it faces is the increasing frequency of natural disasters. From bushfires in the outback to devastating floods in urban areas, these events can have severe implications for commercial properties. Business owners must navigate the challenges of not only protecting their assets but also ensuring the continuity of their operations. - read more
Beyond the Basics: Essential Add-Ons for Comprehensive Commercial Property Insurance
Beyond the Basics: Essential Add-Ons for Comprehensive Commercial Property Insurance
Commercial property insurance is a vital safeguard for businesses and landlords, protecting physical assets from a variety of risks. This type of insurance covers a range of properties, from office buildings to retail spaces, ensuring that in the event of damage or loss, you have financial support to recover your investment. - read more

Knowledgebase
Loss Ratio:
The ratio of claims paid by an insurer to the premiums earned, used as a measure of profitability.

Quick Links: | Commercial Property Insurance Australia | Business Property Insurance | Commercial Building Insurance | Commercial Real Estate Insurance | Commercial Property Coverage | Business Premises Insurance | Industrial Property Insurance | Retail Property Insurance | Office Building Insurance | Warehouse Insurance | Commercial Landlord Insurance
This website is owned and operated by Clark Family Pty Ltd (ACN 010 281 008) as Trustee for the Clark Family Trust (ABN 35 957 893 714), 43 Larch Street Tallebudgera QLD 4228. Clark Family Pty Ltd is an Authorised Representative (AR 1298860) of Unique Group Broker Services Pty Ltd (AFSL 509434) for financial product referrals and an Authorised Credit Representative (ACR 401491) of Saccasan Pty Ltd (ACL 386297). Check our licensing details on the ASIC registers: Clark Family Pty Ltd ACR, Clark Family Pty Ltd AR, Saccasan Pty Ltd, Unique Group Broker Services.
IMPORTANT: We act solely as an introducer and refer enquiries to licensed third-party brokers, insurers, and lenders. We do not provide financial product advice or credit assistance. We may receive a fee or commission from these third parties in consideration for the referral. Before any action is taken to obtain a product or service referred to by this website, advice should be obtained (from either the third party to whom we refer you or from another qualified intermediary) as to the appropriateness of obtaining those products having regard to your objectives, financial situation and needs. Whilst we have our own process for validating the legitimacy of our referral partners, you should independently verify the credentials and licensing of any adviser or provider you engage. Visit the ASIC website for further information.