August 2012

Spotlight – In international business, almost every market around the world does things in a different way. This often leads to misunderstandings and unfulfilled expectations. However, different does not need to mean difficult and knowledge of the needs and characteristics of specific geographic markets is an advantage to those who are active in the global economy. These articles help you understand different aspects of the insurance industry around the world, enabling those who do business there to feel more “at home, abroad.”

On the 2nd February 2011 the destructive winds of Cyclone Yasi smashed into the small North Queensland township of Tully. A large proportion of homes were damaged but the major impact of the cyclone on the area was the damage to Tully Sugar Mill.

It not only badly damaged the mill – it nearly destroyed a community.

A number of major weather events have struck Australia in recent years. 2011 was especially devastating. Queensland was still struggling with the widespread flooding at the end of 2010 and the beginning of 2011 when the northern part of the state was hit another blow by Cyclone Yasi.

According to figures from the Insurance Council of Australia (ICA) insurable losses relating to the catastrophes of 2011 and early 2012 exceeded A$5.3 billion, with insurers handling more than 300,000 claims.

Suncorp ‘Insurance Insights’ has released a white paper entitled ‘After the storm. Can insurers save businesses after disasters?’ written by Matt Pearson, Executive General Manager – Claims, Commercial Insurance, Suncorp (http://www.suncorp.com.au/, leading provider of general insurance, banking, life assurance and wealth management in Australia and New Zealand). This white paper examines the readiness of the insurance industry when disaster strikes and what is required by an insurer to be prepared ‘after the storm’ to help businesses get up and running again.

Studying this document will give our readers a clear view of what an insurer needs to do when we face the weather-related catastrophes such as those Australia has seen in recent times. We are very pleased to be able to publish this paper and any comments or questions should be sent to Rob White at rob.white@suncorp.com.au

Please click on the link below to read this paper.

http://www.vero.com.au/vero/sites/default/files/suncorp-insurance-insight-white-paper-claims-after-the-storm-can-insurers-save-businesses-after-disasters.pdf