Queensland communities recovering from severe tropical cyclones (STC) will benefit with quicker access to emergency cash following the launch of new fast emergency cash insurance, ‘Redicova’, before traditional insurers start paying out claims.
Redicova is Australia’s first retail parametric insurance product, a wind product written specifically for Northern Australia, which will pay the Agreed Sum Insured within a few days, providing policy holders with immediate cash and dignity post STC.
Assistant Minister to the Attorney-General, Assistant Minister for Industrial Relations and Assistant Minister for Women, Queensland Senator Amanda Stoker welcomed the service, saying it will help save communities by providing fast emergency cash when it is most needed.
“This new product will provide Queenslanders who are at risk of severe tropical cyclones the ability to stay in the local area during the recovery process”, Senator Stoker said.
“This insurance has been sorely needed to fix key issues that are eroding our communities due to severe tropical cyclones.
“Over two-thirds of Australians have less than $400 cash available at any time, and because many people simply cannot afford full asset insurance there are high rates of under-insurance, or there is just no insurance available in their area because the risks are too high”, she said.
Redicova is backed by Lloyd’s of London (Australia) and Lloyd’s of London Disaster Risk Facility. It is not a threat to traditional insurers, as it does not replace traditional insurance.
“This product has been long sought after in Northern Australia and I congratulate local product founder and award winning Insurance Broker, Karen Hardy of Tully, for her commitment, drive and enthusiasm in ensuring our communities have the opportunity to insure themselves for cash payments immediately after severe tropical cyclones”, Senator Stoker said.