The Insurance Council of Australia (ICA) has set estimated insured losses at AU$20 million ($15.3) and rising after nearly 100 bushfires have ravaged New South Wales (NSW).
The ICA has declared an insurance catastrophe as fires destroyed homes, stock and other assets; ICA Chief Executive Officer (CEO), Rob Whelan, commented; “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.”
The fires have 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.
Australia’s insurance council has said it would continue to update and monitor loss estimates as figures for insured losses continue to climb.