Homeowners insurance claims in Australia rising quickly from bushfires

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These wildfires have already brought about claims that have broken the $96 million mark, so far.

According to the Insurance Council of Australia (ICA), there have already been more than 900 business, auto, property, and homeowners insurance claims with insurers in Australia, and that this has brought about a loss of over $96 million ($100 million Australian), so far.

It is believed that there are more claims that will be filed with each passing day for the next while.

A spokesperson for the ICA, Campbell Fuller, explained that assessors for homeowners insurance and other forms of coverage have already begun the reviewing process of the claims and that they are starting their damage assessments. However, it was also pointed out that many of the areas are still not accessible to these professionals, as the risk of fire continues to be in place.

bushfire homeowners InsuranceMany business and homeowners insurance customers are facing a terrible amount of destruction.

Fuller stated that “This is a horrific thing for many, many families and businesses to go through.” That said, many efforts are being made by the business and homeowners insurance industries to try to assist people in as many ways as possible. For example, on Monday, the Springwood recovery center was visited by a team of disaster specialists. They were sent by the ICA in order to assist policyholders to be able to obtain answers to a number of questions regarding the claims that they will be making – or have already made – with their insurers.

The chief executive of the ICA, Rob Whelan, released a statement about the homeowners insurance coverage effort, saying that “The ICA’s team at the Springwood recovery centre is there to answer questions about the claims process, and help policy holders make contact with their insurer.” The statement from the exec also went on to try to express the lengths to which the council has been trying to provide any assistance that they can, by saying that “The ICA is also liaising closely with local and state government agencies, emergency services and community groups to help identify issues and resolve them as swiftly as possible.”

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