Insurance professionals are set to visit Harden, New South Wales, in early August to provide direct assistance to policyholders managing claims after the severe hailstorm and heavy rainfall that struck the area in February.
The Insurance Council of Australia (ICA), together with several member insurers, will be available at the Harden Country Club on Aug. 6 and 7, between 9:00am and 5:00pm.
The sessions are designed for local residents and business owners to discuss their individual insurance claims in person, seek further clarification, and obtain guidance on the claims process.
In addition to claim-specific discussions, attendees will be able to access general information on dispute resolution and other insurance-related matters.
The ICA has advised that registration is required, with appointments to be booked via its website.
Andrew Hall, chief executive officer of the ICA, noted that the hailstorm caused widespread property damage in Harden and nearby communities.
“In the months since this event, insurers have been working hard to assess, repair, and finalise outstanding claims, but we acknowledge there is still work to do,” he said.
Hall encouraged policyholders with unresolved issues to attend the sessions, stating that in-person meetings can help address remaining questions and facilitate progress on claims.
“We know having the opportunity to speak with your insurer face-to-face provides immense value to policyholders, so I encourage anyone with an outstanding claim to come along and speak with their insurer to work through any remaining issues or concerns,” he said.
The timing of the Harden consultations aligns with new data from the Australian Competition and Consumer Commission (ACCC) regarding the cyclone reinsurance pool, which was introduced by the federal government in 2022.
The ACCC’s latest monitoring report indicates that the pool is beginning to lower insurance premiums for policyholders in cyclone-prone regions.
According to the report, customers in areas with medium-to-high cyclone risk have seen average home and contents insurance premiums decrease by 11% per $100,000 sum insured since the pool’s implementation.
In comparison, premiums in low or no cyclone risk areas have increased by 4% and 7%, respectively.
The most significant reductions have been observed in coastal towns such as Mackay, Cairns, and Townsville, where median premiums have declined by approximately 15%. Karratha has also experienced a 9% drop.
Small businesses in cyclone-affected areas have seen average premium reductions of 24%, while strata insurance premiums have fallen by 7% in these regions.
Notably, Townsville and Karratha recorded strata premium decreases of 28% and 23%, respectively.
Despite these reductions, the ACCC found that insurance costs remain elevated in northern Australia.
Average annual home and contents premiums now exceed $3,000 in north Queensland and the Northern Territory and are above $4,600 in north Western Australia.
Strata insurance premiums in north Western Australia have increased by 18%, reaching over $18,000 per policy.
The ACCC also reported that the cyclone pool has not led to a significant increase in insurer participation in cyclone-exposed regions.
No new insurers have entered the northern Australian market since the pool’s launch, and only minor adjustments have been made to underwriting practices and exposure limits.
Recent research from Climate Valuation and The Climate Council suggests that more than 650,000 properties across Australia are already at high risk from climate-related hazards, with an additional 1.55 million properties classified as moderately at risk.
