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NSW bushfire claims reach $156 million

Loss estimates from the NSW bushfires have risen to $156 million, with 1290 claims lodged, according to the Insurance Council of Australia.

The council will hold a closed-door insurance forum in Springwood, in the Blue Mountains, next Tuesday from 6pm to 8pm.

“The forum enables bushfire-affected locals to have one-on-one discussions with their insurers about any concerns they may have about their claim, and the steps they need to take to help them rebuild their homes and businesses,” CEO Rob Whelan said.

IAG anticipates a net claims cost of about $65-$85 million and has received about 660 claims, its annual general meeting heard last week.

Suncorp says it has received about 400 claims, estimated to cost $60-$70 million. It has a full-year natural hazard events allowance of $565 million.

“With the fires now contained we can begin the task of helping customers rebuild their homes and communities following these devastating bushfires,” CEO Patrick Snowball said.

Fewer than 15 claims to Suncorp are for commercial insurance, according to the insurer.

Standard & Poor’s says the early start to the bushfire season and the blazes’ proximity to Sydney raised concerns, but insurance costs are unlikely to affect company ratings.

The NSW Government has deferred workers’ compensation insurance premiums for businesses directly affected by the fires, such as through building damage, staff absences or restricted trading activity.

Finance and Services Minister Andrew Constance says premiums due between October 14 and March 31 can now be delayed until June 30.