FMA Queensland Chapter Meeting Roundup
1st September 2019
FRM professionals gathered in Brisbane this month for the FMA Queensland Chapter Meeting to discuss the latest in the industry.
Attendees heard updates from agencies including the Queensland Reconstruction Authority, The Office of the Inspector-General Emergency Management on the Queensland Disaster Management Research Framework, the Local Government Association of Queensland and the Bureau of Meteorology.
Joshua Cooney of Suncorp provided a presentation on the organisation's recently released report entitled Economic Recovery After Disaster Strikes.
The report provides case studies demonstrating how insurance helped communities recover from Cyclone Debbie, the 2018 Tathra bushfires and the 2018 Hobart flood, and includes recommendations for substantially increasing investment in mitigation and resilience projects.
Karl Sullivan, Head of Risk and Operations, Insurance Council of Australia, provided an update on the response of the insurance industry to the 2019 Townsville flood, the recovery process and implications for pricing of policies.
There have been 29,950 insurance claims totalling $1.24 billion, and so far $520 million worth of cash, resources, materials and trades have been provided. There has been a large number of cash settlements, which helps the local economy, but does not always result in repairs being undertaken, or being undertaken to an appropriate standard.
Mr Sullivan said that nationally almost 95% of home insurance policies now include flood cover, but in Townsville 99% of people have home flood cover, and now are enjoying the benefits.
FMA Technical Director Danny Rose, together with newly appointed FMA Queensland Director William Prentice, led the afternoon workshop which allowed those in attendance to provide their feedback and suggestions on upcoming FMA Workshop themes and potential Conference topics.