NSW bushfires: Insurer costs start to mount

NSW bushfires: Insurer costs start to mount | Insurance Business

NSW bushfires: Insurer costs start to mount

Suncorp Group has revealed it has received 400 NSW bushfire claim valued between $60m and $70m.

This comes days after IAG revealed its Australia Direct and CGU businesses had received around 600 claims. It has a maximum first event retention of $150m.

Suncorp Group carries a full-year natural hazard events allowance of $565m.

Suncorp Group CEO Patrick Snowball said assessors had been deployed to affected regions.  “With the fires now contained, we can begin the task of helping customers re-build their homes and communities following these devastating bushfires,” he said.

Meanwhile, the ICA yesterday held an insurance forum in the Blue Mountains for policyholders affected by the recent bushfire catastrophe.

Representatives from the ICA were joined by insurance companies, the Financial Ombudsman Service and New South Wales Legal Aid.

The Blue Mountains Council also attended and talked on rebuilding standards.

ICA Rob Whelan said the event offered policyholders the opportunity to speak to insurance experts about the recent fires and the recovery process.

“The forum enables bushfire-affected locals to have one-on-one discussions with their insurers about any concerns they may have about their claim, and the steps they need to take to help them rebuild their homes and businesses,” Whelan said.

“Importantly, if there are any issues, these can be escalated as quickly as possible with the relevant insurer.

“I encourage any policyholders who have queries about the claims process to come along and put their questions to insurance company representatives, legal experts and other participants.”