Australia fires damage bill to hit $300 million

Australia fires damage bill to hit $300 million | Insurance Business Australia

Australia fires damage bill to hit $300 million

Australia’s worsening bushfire crisis has so far incurred nearly $300 million in damage bill, with the Insurance Council of Australia (ICA) extending its bushfire catastrophe declaration to include eastern Victoria.

Insurers have received 3,870 in bushfire-related claims amounting to $294 million since September, with 72% of claims coming from NSW, 18% from South Australia, and 5% from Queensland, ICA said.

Read more: Bushfire crisis brings industry together

The latest figures don’t include the recent property losses in eastern Victoria and southern NSW.

ICA said ”it is likely these will be lodged with insurance companies and brokers over the next few weeks as householders, primary producers, and business owners gain access to their properties,” AAP reported.