Insured losses for the NSW bushfires had reached $28.5 million from 1200 claims by Monday, the Insurance Council of Australia (ICA) has said.
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It said there were another 17,500 claims after Saturday’s Sydney hailstorms with estimated insured losses of $42 million bringing total losses from the two catastrophes in the last week to $70 million.
ICA chief executive Rob Whelan said losses from both were likely to rise further.
“The damage wrought over the weekend by the Carwoola bushfire near Queanbeyan has been incorporated into the ICA’s catastrophe declaration from last Tuesday.
“Though this blaze, and the bushfires that destroyed at least 45 homes in the state’s Central West and the Mid North Coast are now under control, the value of losses is expected to rise further. That’s because agricultural losses, such as livestock, crops, fencing and equipment, typically take longer to identify and assess.”
Details on recovery from natural disaster at http://understandinsurance.com.au/recovering-from-a-disaster
