Home / Local / Bushfire losses race up to $110 million
18 November 2019
The insurance industry has raised the loss estimates from the latest bushfire catastrophe in NSW and Queensland to $110 million as claims continue to pour in.
About 1000 claims have been lodged, according to updates provided today by the Insurance Council of Australia (ICA).
ICA also urged property owners to submit their claims directly with insurers and brokers instead of going through third parties.
IAG has received 472 claims, including 34 from affected policyholders in Queensland, a spokesman told insuranceNEWS.com.au.
The spokesman says the insurer’s assessors and builders have started working with customers to determine the scope of works and related matters.
Suncorp-owned GIO has dispatched a support team to Taree, NSW, one of the worst affected areas, to help customers with lodging claims, finding accommodation and temporary financial support.
Taree customers of other Suncorp brands like AAMI, Apia and Shannons can also lodge their claims with the team.
The NSW Rural Fire Service says 421 homes are confirmed destroyed. There are about 48 bushfire outbreaks, including 25 uncontained blazes in NSW, as of this morning
While none of the fires have been issued “emergency” warnings, the fire service expects the coming days will be challenging as temperatures are forecast to soar.
“We’re not out of the woods yet, though,” the service says on its Twitter account.
“Heatwave conditions are developing across large parts of the state, so fire dangers will increase.”