Perth storms – one insurance broker’s experience
Perth’s Cambridge Insurance Brokers has been busy with claims since the severe storm that hit the Western Australian city on 22 March. Director Marcus Pobjoy tells Nina Hendy how his firm has coped with the increased workload.
Q: What was Cambridge Insurance Brokers’ experience of the March storms to hit Perth?
A: Pardon the pun, but as the saying goes, when it rains it pours. It is something that you really can’t prepare for. We received almost as many claims notifications in one week as we would in six months. It’s certainly an experience that we would prefer not to have again anytime soon.
Q: How many of your clients were affected by the storms, and how did you handle the high number of calls?
A: Approximately 15% of our clients were affected in some way. We started receiving calls within minutes of the storm hitting. Luckily, we have great staff at Cambridge and most stayed back late the evening of the storm and came in early the next morning and all that week to help cope with the high number of calls. It was simply a matter of all staff helping out, and they were aware of the regular updates we received from insurers regarding their claims procedures.
Q: Tell us a bit about what the storms were like – were you personally affected?
A: I was actually on a plane coming back from Sydney when the storms hit Perth, and first heard about it when the pilot advised us that we were being diverted around the storm. However, my wife told me it was like something out of a movie, and the destruction it caused was evident the following day. You still lose count of the number of vehicles you see on the road that were damaged by hail.
Q: How do you believe the event will affect premiums in the future?
A: I have heard estimates that the Perth and Melbourne storms and recent floods in Queensland will collectively exceed a cost of $1 billion to insurers. This will obviously have an impact on insurers’ profits for 2010 and I think it will only be a matter of time before we see some increase in premiums.
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