NSW bushfire losses grow to $183 million
Loss estimates from the NSW bushfires have passed $183 million, with 1632 claims lodged and 27% of total-loss residential building claims settled, according to the Insurance Council of Australia (ICA).
Insurers have worked hard to prioritise bushfire claims, particularly from policyholders whose properties were destroyed, CEO Rob Whelan says.
“Working through claims with sensitivity, and settling these as quickly as possible to the maximum extent of the purchased policies, has been the focus of the industry over the past three weeks.”
Insurers have received 740 residential building claims, with losses totalling $132 million. Of these, 214 are for total loss.
Home and contents losses total $33 million from 604 claims, with 25% already closed.
Almost half of the 154 domestic motor vehicle claims – worth $3.4 million – have been settled.
Insurers are also processing 114 commercial claims, estimated at $14.6 million.
ICA will hold another closed-door forum for affected policyholders tomorrow in Springfield, a suburb of the Central Coast city of Gosford.