Insurance Claims Data Analysis for Cyclones Yasi and Larry [Report for Suncorp Group Limited]

Smith, Daniel, and Henderson, David (2015) Insurance Claims Data Analysis for Cyclones Yasi and Larry [Report for Suncorp Group Limited]. Report. Cyclone Testing Station, Townsville, QLD, Australia.

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Abstract

Suncorp commissioned the Cyclone Testing Station (CTS) at James Cook University to conduct a comprehensive study to enhance Suncorp's understanding of the vulnerability of houses in North Queensland to natural hazards, particularly tropical cyclones and thunderstorms. CTS is an independent authority on building performance assessment for severe wind events in Australia.

The original report of this work submitted to Suncorp included commercial in confidence sections, including specific policy data. In the interests of a public release, these sections have been removed.

Housing vulnerability is a large contributor towards high claims costs for Suncorp, and the subsequent premium affordability issues for consumers. Reducing this will decrease the risk associated with cyclones events, which can then be reflected in pricing for consumers. Suncorp has sought further understanding of the below challenges associated with housing vulnerability:

• Property Details – what property features contribute to increased vulnerability

• Mitigation - work that consumers can implement to reduce vulnerability

• Building Codes - what can be done to make an existing property more resilient

• Collective Risk - what can be done to reduce impact to neighbouring addresses

To address the above challenges, the objective of the study was to analyse Suncorp claims information from Tropical Cyclones Yasi and Larry to determine parameters that differentiate cyclone - resilient housing stock from non - resilient stock. This was achieved by extracting qualitative and quantitative insights from aggregated Suncorp claims and policy data, including properties with and without claims from these events. Assessor reports as a subset of the claims data were also used to support the analysis.

Item ID: 45863
Item Type: Report (Report)
Keywords: cyclone, housing, vulnerability, insurance, Suncorp
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Funders: Suncorp Group Limited
Date Deposited: 27 Sep 2016 00:37
FoR Codes: 09 ENGINEERING > 0905 Civil Engineering > 090506 Structural Engineering @ 50%
12 BUILT ENVIRONMENT AND DESIGN > 1204 Engineering Design > 120402 Engineering Design Knowledge @ 50%
SEO Codes: 97 EXPANDING KNOWLEDGE > 970109 Expanding Knowledge in Engineering @ 100%
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