Sydney storms insurance bill $186m and rising

Posted: 3 March 2017 9:50 am
Sydney Australia storm skyline

Sydney Australia storm skyline

More severe weather warnings in place for this weekend.

Insurance claims have risen significantly since last month's hailstorms walloped Sydney and surrounds, totalling $186 million in damages, according to the representative body for Australia's insurance industry.

The Insurance Council Of Australia revealed the number of claims relating to these events had risen from 17,500 last week to a total 48,000 claims.

Around 38% of claims were motor vehicle damage, while most others were for homes and businesses.

The value of these claims had also increased substantially in the last week, from an estimated $42 million to total insured losses of $186 million. This figure is likely to rise again as more claims are submitted.

The storms and the recent NSW bushfires, which took at least 45 homes and led to 1,200 claims totalling $28.5 million in insured losses, were labelled "catastrophic events" by the Insurance Council of Australia.

Early this morning the Bureau of Meteorology issued a severe weather warning for southern New South Wales; forecasting heavy rain, thunderstorms and potential flash flooding this weekend.

These conditions are likely to cause further accidents, damage and a fresh round of insurance claims.

NSW's State Emergency Service (SES) issued a safety alert for affected areas, such as Nowra, Bowral, Wollongong, Batemans Bay, Eden and Moruya Heads. You can call your local SES unit on 132 500.

Satisfaction among Australian consumers with regards to insurance policies, particularly risk and life cover, continues to dissipate, according to the latest Roy Morgan Research customer survey findings.

Car and home insurance premiums are set to rise in 2017. Find out why and what to expect when they do.

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Picture: Shutterstock

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