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Insured loss estimate from Sydney & NSW storms up to AU$186 million, so far: ICA

3rd March 2017 - Author: Luke Gallin

The freak summer storm that impacted parts of Sydney & New South Wales (NSW) in February has so far caused an insurance and reinsurance industry loss of AU$186 million (US$140.6 million), according to the Insurance Council of Australia (ICA).

The ICA had previously put the insured loss estimate from damages caused by the series of storms at AU$42 million, but did warn that this would likely rise in the weeks ahead. Now, the ICA has said that some 48,000 claims has resulted in an insured loss estimate of AU$186 million, so an increase of more than 340% on the previous estimate, and which the ICA warns will likely rise further as claims continue to be filed with insurers.

The majority of claims, so far, have come from the Hills district in Northwest Sydney, and are in relation to damages to cars and homes, as well as hail smashing windows and damaging roofs, explained the ICA.

Furthermore, the region is expected to experience heavy rains this weekend with more storms approaching, suggesting that homes already affected, and those that got lucky before, could experience damage in the coming days, resulting in more insurance claims and higher losses.

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