Australian giant IAG will likely be hit by a large bill in the millions of dollars from the latest round of bushfires in the New South Wales (NSW) region; IAG is the state’s dominant insurer.
The firm, which is the parent company of NRMA Insurance, CGU Insurance and WFI Insurance have tallied up 76 claims so far, according to an IAG spokesperson.
The blaze which has spread across 1,000km of NSW, has been declared a catastrophe by the Insurance Council of Australia (ICA) – they have already reported 150 claims, with the number expected to keep rising. The ICA noted that insurers are already preparing their disaster response by mobilising assessors and claims specialist teams
Australia’s other giants QBE and Suncorp will also face exposures from the bushfires; Brisbane-headquartered Suncorp has set up a 24/7 claims hotline in response to the recent bushfires.
The overall claims’ bill in the country could run into the hundreds of millions of dollars.
NSW has been Australia’s most impacted state in a severe bushfire season; with Queensland also significantly affected, seeing 51 bushfires.
Temperatures are set to soar in Sydney this week with the city facing its first ever “catastrophic” fire threat which measures a range of factors including high temperatures, low humidity and strong winds; over 100,000 properties are under threat.
Australia’s Bureau of Meteorology has highlighted the country is at high risk of longer and more intense bushfire seasons, as a result of climate change’s contribution to extreme heat events in the country.
Summer has not yet started meaning this is likely to be on of the worst bushfire seasons on record.

Leave a Reply

e: [email protected] | t: +852-8191-5120 (hong kong) | t2: 050-5806-7296 (from japan)