Insurance Claims From NSW Natural Disasters Pass $70 Million

Following the bushfires that ripped through Uarbry, it appears that the NSW natural disaster ‘reign of terror’ wasn’t over…

Sydney and Wollongong also took a hit during Saturday’s thunderstorm, with hailstorm damage contributing to more than 17,500 insurance claims and over $42 million in damages.

Coming just five days after the Insurance Council of Australia (ICA) declared a catastrophe in response to NSW bushfires, the ICA has again declared the storm a catastrophe. Efforts are now being made to address and identify any issues that may arise over the coming days.

 

NSW losses top $70 million

Combined losses from the two New South Wales tragedies has now passed over $70 million in insurance claims, with the ICA Chief Executive Officer, Rob Whelan, saying losses from both events are likely to rise even further.

“Insurers have experienced another spike in claims this morning from businesses in relation to the hail storms as owners returned to work,” he said.

“So far, homes and businesses in Sydney’s north-western suburbs and Northern Beaches seem to have been hardest hit by the hailstorms, mostly through damage to vehicles.”

Disaster recovery

Mr Whelan emphasised the importance of contacting your insurer immediately.

“Once insurers have been notified of a claim, they can start the assessment process and look at getting repairs underway promptly,” he said in a recent ICA statement. “This is especially important for homes and/or businesses with roof damage, as further rain may cause additional damage to the property.”

The ICA has also put together a list of tips and general guidance for their affected policy holders, which we’ve summarised below:

Any policy holders that have general inquiries about the claims process can contact the ICA disaster hotline on 1800 734 621.

While the damage these natural disasters have caused is clear, $70 million in losses is nothing in comparison to the Sydney ANZAC Day hailstorm of 2015, with $421 million of damage reported.

These losses highlight the need for all Australians to have adequate insurance.

 

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