Getting it right: the impact of bush fires, floods and storms on insurance policies

Lake Macquarie City Council tried unravel the complexities of property disaster insurance for local residents by hosting a free information session on how insurance premiums are set and provide tips on getting a better insurance deal.

Insurance Council of Australia’s, Policy, Risk and Disaster Planning Director, Karl Sullivan, spoke a group of Lake Macquarie residents on Thursday 13 February 2014 to discuss the impacts of extreme weather events on insurance policies.

Council’s Manager Sustainability, Alice Howe, said participant feedback showed that the community found the information session beneficial.

“With the recent bush fires in Lake Macquarie and extreme weather events across many parts of Australia and around the world, it was
timely for Council to host an information session regarding insurance premiums and the impact extreme weather can have on policies and claims,” Dr Howe said.

“Mr Sullivan brings a wealth of knowledge of Australia’s insurance industry and he was able to discuss various aspects of how people can better understand their insurance policies and what they can do to minimise the impact of insurance on their pocket.

Mr Sullivan said it is common for members of the community to have questions about their insurance.

“Community members often have valid questions about how insurance works and what needs to change in order to have sustainable insurance premiums into the future,” Mr Sullivan said.

“Forums like this are a useful exercise where community members can ask those questions."