Bushfires have cost Australian insurers more than A$120m ($82m) so far this year, and the losses are continuing to mount, according to the Insurance Council of Australia (ICA).
The ICA said that as at 2pm yesterday, insurers had received 450 bushfire-related claims from New South Wales and Queensland. Insured losses are estimated at A$50m. Many more claims are expected to be lodged in coming days and weeks.
The council declared the bushfires a “catastrophe” on 8 November following reports that more than 100 homes had been lost. This is the fourth bushfire catastrophe declaration made by the ICA this year.
This is the first time since new fire danger ratings were introduced in 2009 that catastrophic fire danger has been forecast for Sydney.
In October, the Rappville bushfire in New South Wales resulted in 200 claims costing an estimated A$25m, while the bushfires that raged in southeast Queensland and northern New South Wales in September cost A$20m. The Bunyip bushfires in eastern Victoria in March resulted in 432 claims and A$31.9m in losses.