NSW bushfires: Insurers get a grip on claims

NSW bushfires: Insurers get a grip on claims | Insurance Business

NSW bushfires: Insurers get a grip on claims

The ICA advises that more than 90% of damaged and destroyed properties in bushfire catastrophe regions in New South Wales have been assessed by an insurance assessor.

ICA CEO Rob Whelan said insurance companies had made a sterling effort to help their policyholders during a very stressful time.

“Insurers have responded incredibly quickly and we believe this is in the best interests of residents and business owners affected by the bushfires,” Whelan said.

“Insurers can now go to the next step in guiding policyholders through the recovery process by seeking quotes from approved tradespeople and detailing scopes of work. Once these have been agreed, the rebuilding phase can then start in earnest.”

To date, 1,041 claims have been lodged with insurers, with losses estimated at $145m.

Some policyholders have already received payouts from their home or contents insurance.

Last Friday, the ICA and insurers partnered with the NSW Government to participate in a community forum on the NSW bushfires, briefing residents and business owners on how insurers were handling their claims.

The ICA urges anyone who knows they have been affected to contact their insurer as soon as they can to lodge a claim, even if they are not yet sure of the full extent of their losses.

Affected residents who are not sure which insurer they are with, or who have general inquiries about the claims process can contact the ICA’s disaster hotline – 1800 734 621.