Insurance bill for season of natural disasters climbs over $5.19 billion

The cost of insurance claims from four natural disaster catastrophes declared over the 2019-20 summer has passed $5.19 billion, with more than 15,000 new claims worth $270 million lodged in the past four weeks.

ICA Head of Communications Campbell Fuller said: “Thousands of new claims and property loss assessments have pushed total claims to more than 288,100 and the estimated damage bill to more than $5.19 billion.

“Insurers have already paid more than $2.85 billion for emergency accommodation, business interruption, repair and rebuilding work, replacement of motor vehicles and goods, services and settlements. This is despite the widespread impact of the natural disaster season and the handbrake effect of COVID-19.

“Almost 50 per cent of claims from the four storm, bushfire and hailstorm catastrophes have been closed by insurers – an extraordinary result for households and businesses affected by these disasters.”

The COVID 19 pandemic was declared a Catastrophe on March 11, 2020. The industry is assessing the impact it is having on claims and customers.

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