Suncorp Disaster Recovery Report
30th June 2019
Suncorp has released a report prepared by SGS Economics and Planning, which considers the role of insurance in restoring local community activity and reducing the long-term impact of natural disasters. Economic Recovery after Disaster Strikes looks at community recovery from Cyclone Debbie, the Tathra bushfires and the Hobart flood.
The report uses claims and recovery activity data from FMA Member Suncorp and its six insurance brands. For the Hobart flood of May 2018 the economic impact was estimated at $908 million reduction in local GDP. Suncorp Insurance paid $8.9 million in claims for household, motor vehicle and commercial claims. These payouts are estimated to have boosted the economy, compared to a scenario of no insurance payouts, by $94 million in 2018, $47 million in 2019 and $36 million in 2020.
In releasing the report Suncorp has said that governments should treat mitigation and resilience projects as investments critical to the economic future of communities. This reduces the physical impacts of natural disasters and makes insurance more affordable.
Read the report at the Suncorp website.