NSW Bushfires to Cost Insurers at Least US$15.3M: Insurance Council

The Insurance Council of Australia (ICA) has declared an insurance catastrophe for bushfires that have destroyed homes, stock and other assets across New South Wales, providing an initial insured loss estimate of at least A$20 million (US$15.3 million).

That figure is predicted to rise over coming days as residents return to their homes and businesses to assess the damage, the ICA said.

“At least 30 homes and other properties have been lost, and insurers have also received reports of stock losses, as well as fencing and other farm equipment. Hardest hit so far has been Warrumbungle Shire in the state’s Central West, but communities close to Port Macquarie, Kempsey and Narrabri have also suffered losses,” said ICA CEO Rob Whelan.

Source: Insurance Council of Australia