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Insurers have learned from the pain of previous Queensland flood events and are using reduced risk cover and higher excesses to curb their losses from the current floods, according to a leading broker.
Willis GM Broking Services Maurice Gatto told insuranceNEWS.com.au that following flood losses in Queensland in 2008 and 2011, ?a number of insureds already experienced diminished cover and increased retentions, and therefore the total insurable impact has been somewhat curbed following this year?s floods?.
The risk assessment process is ongoing.
Mr Gatto says the cover and cost of domestic and SME portfolios will continue to be scrutinised by insurers, with particular emphasis on exposures in known catastrophe peril zones. ?
?Limited impact should be felt by major accounts, which will continue to be underwritten on their merits,? he said.
?Risk management, claims experience and overall exposures will be taken into account, with known cat exposures managed either by restriction in cover, increased retentions or imposed premium increases.?
Insured losses for mining and rail infrastructure as a result of the latest floods are expected to be far lower than for the 2008 and 2011 events, with the Queensland Resources Council saying the export coal industry is set to resume full production in a matter of weeks.
Industry sources have estimated the damage from this year?s floods at around $500 million.
Rail operator Aurizon (formerly QR) says its Blackwater Coal line is back in operation while work is still underway to reopen the Moura line.
Severe flooding caused insurers to pay more than $500 million last June for business interruption at Queensland coal mines in 2008, when floods closed mines for months.
Source: http://www.insurancenews.com.au/local/insurers-trimming-exposures-in-flood-prone-queensland
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