Susanna Freymark
Insurance Council of Australia chief executive Andrew Hall said since 2022, insurers have received more than $4.79billion worth of claims in NSW as a result of extreme weather.
NSW Reconstruction Authority has just announced a new formalised partnership with the Insurance Council of Australia to strengthen coordination between government and the insurance sector before, during and after disasters.
The partnership sets out clear arrangements for the Reconstruction Authority and under the new Memorandum of Understanding, the two organisations will collaborate on disaster preparedness, recovery and reconstruction, including through improved information and data sharing, joint planning and coordinated community engagement.
It aims to have earlier collaboration between the Authority and the insurance industry on the development of recovery programs including post-disaster clean-up programs.
Reconstruction Authority chief executive Kate Fitzgerald said after a disaster people need support as quickly as possible.
“This agreement gives us a clearer mechanism to do that, from sharing information that helps us understand what is happening on the ground to coordinating support through Recovery Centres and community outreach,” Ms Fitzgerald said.
“By building these relationships before they are needed, we can provide a more coordinated recovery when communities are dealing with the impacts of a disaster.”
Mr Hall said insurance plays a critical role in funding recovery and rebuilding following disasters.
At IndyNR.com, we’ve mainly heard the horror stories about flood insurance including rising premiums since 2022, and difficulties people have faced when making and getting a payout on a claim.
How this agreement translates on the ground and for individuals remains to be seen – especially after a disaster when those impacted shouldn’t have to fight for their claims when they are already traumatised by the disaster.
The Insurance Council of Australia is the peak representative body for Australia’s general insurance industry, with its members accounting for almost 90% of total premium written by general insurers and reinsurers.