Adjusters unable to reach NSW flood-affected towns…
Massive floods in NSW towns on the mid-north coast have trapped residents, cutting them off from outside assistance and access to loss adjusters.
Six council areas – including Bellingen, Coffs Harbour, Nambucca, Kempsey and Port Macquarie-Hastings – have been declared natural disaster areas after 370mm of rain fell over five days from February 13.
In Bourke, 200mm of rain fell in 15 hours, equivalent to two-thirds of its annual rainfall.
An IAG spokesman told insuranceNEWS.com.au assessors are still trying to gain access to properties in towns such as Bellingen – where flood levels reached 8.2m after the river broke its banks – so it is too early to give a preliminary claims estimate.
She says the insurer is focusing its efforts on assisting those most affected.
Suncorp has advised that the Victorian bushfires and north Queensland floods have already triggered its aggregate reinsurance arrangements, and the NSW floods – and any additional claims events – will cost the insurer a maximum of $10 million per event.
A group spokesman told insuranceNEWS.com.au it’s too early to estimate the number of claims or costs of the floods.
The Insurance Council of Australia (ICA) says the most significant damage in the flood-affected areas appears to have been to local and state government infrastructure such as roads and bridges.
The Federal Government has announced it will provide people and businesses with personal hardship assistance, concessional interest rate loans to primary producers, small businesses and non-profit bodies, freight subsidies for primary producers, local council grants for emergency work to restore essential services, and assistance to sporting clubs.
Six council areas – including Bellingen, Coffs Harbour, Nambucca, Kempsey and Port Macquarie-Hastings – have been declared natural disaster areas after 370mm of rain fell over five days from February 13.
In Bourke, 200mm of rain fell in 15 hours, equivalent to two-thirds of its annual rainfall.
An IAG spokesman told insuranceNEWS.com.au assessors are still trying to gain access to properties in towns such as Bellingen – where flood levels reached 8.2m after the river broke its banks – so it is too early to give a preliminary claims estimate.
She says the insurer is focusing its efforts on assisting those most affected.
Suncorp has advised that the Victorian bushfires and north Queensland floods have already triggered its aggregate reinsurance arrangements, and the NSW floods – and any additional claims events – will cost the insurer a maximum of $10 million per event.
A group spokesman told insuranceNEWS.com.au it’s too early to estimate the number of claims or costs of the floods.
The Insurance Council of Australia (ICA) says the most significant damage in the flood-affected areas appears to have been to local and state government infrastructure such as roads and bridges.
The Federal Government has announced it will provide people and businesses with personal hardship assistance, concessional interest rate loans to primary producers, small businesses and non-profit bodies, freight subsidies for primary producers, local council grants for emergency work to restore essential services, and assistance to sporting clubs.