The Insurance Council of Australia (ICA) has reported insured losses of AU $42 million (US$32 million) and rising after a freak summer storm ravaged Sydney and parts of New South Wales.
And insured loss estimates for the NSW bushfires have risen to AU$28.5 million (US $21 million) – a figure that has quickly risen since last week, when reported insured losses were at US$15.3 million.
Losses from both catastrophes are still expected to rise; ICA Chief Executive Officer (CEO), Rob Whelan, said; “That’s because agricultural losses, such as livestock, crops, fencing and equipment, typically take longer to identify and assess.”
The fires had been exacerbated by some of the worst weather conditions of Australia’s recent history after a heat wave caused record high temperatures and a fast desert wind fanned the flames.
The NSW’s rural fire chief called the fire the worst in the history of the state for fire danger ratings and fire conditions.