Combined losses from the two New South Wales catastrophes of bushfires and hailstorms, have passed A$70 million (US$53.7 million), according to the Insurance Council of Australia (ICA).
As of Feb. 20, insured losses for the NSW bushfires had reached A$28.5 million (US$21.9 million) from 1200 claims, said ICA, noting that insurers also have received about 17,500 claims in the aftermath of hailstorms on Feb. 18 across Sydney with estimated insured losses of A$42 million (US$32.2 million).
ICA CEO Rob Whelan said losses from both events were likely to rise further.
“Insurers have experienced another spike in claims this morning from businesses in relation to the hailstorms as owners returned to work,” Whelan 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.”
The damage from the Carwoola bushfire near Queanbeyan over the weekend has been incorporated into the ICA’s catastrophe declaration on Feb. 14, the ICA said.
“Though this blaze, and the bushfires that destroyed at least 45 homes in the state’s Central West and the Mid North Coast are now under control, the value of losses is expected to rise further. That’s because agricultural losses, such as livestock, crops, fencing and equipment, typically take longer to identify and assess,” he continued.
Source: Insurance Council of Australia
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Topics USA Catastrophe Natural Disasters Profit Loss Agribusiness
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