In Far Northern Australia – A major problem is evolving – Many Insurers are refusing to insure risks in Tropical area’s due to risk factors from Cyclone and Floods – The market is dwindling and for our northern cousins, the risk is that with very few players in the market, the premiums they have to pay will increase and increase -
Several Insurers have bailed out of Southern Queensland after the flooding and some have blanket refusals on postcodes -regardless of the location – floodplain or high hill the risk is being refused -
mates helping mates
The Aussie axiom of mates helping mates could not be further from the truth with these insurers – Is there a way we could reverse the trend ?
If these companies are known to the public would people in Southern States refuse to deal with them ? I think it would be a great start – the insurers who offer covers in flood areas and cyclone areas should be your first port of call when looking for new policies ! Why ? they have better risk management strategies and are willing to be there when it counts – at claims time..
Part of the criteria of assessing an Insurer is the product, the price, the administration and the claims – to the stressed person -not only is the claims process important it is crucial and most importantly is not whether the policy offers coverage but the willingness of the company to ensure that payment is made in the fastest way possible – The attitude of “how can we pay this claim? ” is much more refreshing than “how can we avoid paying this claim?”
list of Insurers
If you would like a list of Insurers who are offering cover in North Queensland and a list of those refusing please subscribe here..
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