Insurers face $515m summer damage bill

Print Email Facebook Twitter More Insurers face $515m summer damage bill By Thuy Ong Updated 15 Jan 2016, 4:35pm Images of tornado devastation from Sydney's Kurnell PHOTO: The tornado that ripped through the Sydney suburb of Kurnell is one of many expensive natural disasters so far this summer. (702 ABC Sydney: Corey Hague) MAP: Australia Insurance claims have exceeded $515 million so far this summer and are likely to jump further as the country continues to grapple with bushfires and severe storms. Key points $202 million from 4,282 claims from the Sydney tornado and storm $170 million from 1,991 claims in the South Australia Pinery bushfires $86 million from 482 claims in the Great Ocean Road bushfires $57 million from 616 claims in the Yarloop bushfires in Western Australia The Insurance Council of Australia (ICA) said the figure is made up from four catastrophes, including three major bushfires in Pinery in South Australia, Victoria's Great Ocean Road and in Yarloop in Western Australia, and from the Sydney storm and tornado in December. "Insurers were expecting this to be a fairly dire summer, all predictions were for a heightened bushfire risk in exactly the areas that have suffered bushfires, and this is still only mid-summer," said Campbell Fuller, general manager of communications for the ICA. "It's likely that we will see further national disasters." Around $1.3 million have been paid out each day, according to the ICA, for repairs, rebuilding and as monetary assistance. The ICA said the $515 million figure is steep, but claims are being prioritised to those most in need. "There is within that some constraints, in many areas of course it's difficult to get into areas while bushfires are still raging or while those initial clean up operations are taking place," Mr Fuller said. "We can't predict how far it will go, we are still waiting for claims to flow through from many of these areas and these are initial figures. "We expect, in a number of these cases, these figures will continue to grow," he said. From other news sites: The Sydney Morning Herald: If lightning strikes today, is your business toast? The Australian: Summer natural catastrophe losses pass $500m Powered byPowered by Bing Find out more about these links Topics: insurance, storm-disaster, bushfire, australia First posted 15 Jan 2016, 4:32pm Print Email Facebook Twitter More