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Australian insurers are preparing for a surge in flood claims as heavy rains and floods begin to recede in parts of New South Wales (NSW).
according to Australian Insurance Council According to the latest data, residents of New South Wales have filed 8,415 claims so far, an increase of about 28% compared to the figures released on July 7.
About 84% of the complaints were about real estate, 14% were about motors, and the remaining 2% were for commercial use.
The council said the estimated flood damage could be around $ 97.9 million (US $ 66.88 million) and called on policyholders with damaged property, business or vehicles to claim as soon as possible. ..
A new wave of claims will occur just months after similar catastrophic floods hit Queensland and New South Wales in late February and early March.
The council said the flood crisis is the third most costly extreme weather event in the country causing the estimates. $ 4.8 billion in damages (US $ 3.27 billion).
Insurers have nearly 225,000 claims in both states, with nearly 30% of claims closed.
So far, insurers have paid policyholders $ 1.5 billion, but insurance costs in June also rose 12% due to higher material and labor costs.
“The magnitude of extreme weather events that have devastated Queensland and New South Wales is unprecedented and costs continue to rise.” Andrew Hall saidIn a statement, Chief Executive Officer of the Australian Insurance Council.
“Insurers are working hard to resolve claims as quickly as possible, and delays not only affect policyholders, but also have hundreds of additional staff to support claim processing. In most cases, insurance companies also have to pay. “
Despite the subsidence of heavy rain, the threat remains
Meanwhile, as the rain begins to slow, thousands of New South Wales residents are sighing with relief. However, authorities warned about the threat of floods and landslides.
Approximately 40,000 people have been evacuated, and state NSW authorities are currently considering lifting these orders to allow the community to return home.
“While floods may be reduced in some areas, we know that there are other areas that are still in an emergency stage with a focus on maintaining community safety.” Said Murray Watt, Minister of Federal Emergency Management.
At the same time, the Government of New South Wales has extended financial relief to six additional flood-affected communities, bringing the total number of disaster-declared areas to 29.
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Alfred Bui is a Melbourne-based Australian reporter with a focus on local and business news. He is a former small business owner and holds two master’s degrees in business and business law. Contact him at [email protected].
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