NSW hail storm damage bill tips $670m

Just days before Christmas, the Insurance Council of Australia (ICA) declared a Catastrophe after storms swept across Sydney and the Central Coast, causing extensive hail and water damage.

According to the ICA, on 3 January 2019, 81,194 claims had been lodged in relation to the 20 December storms, with an estimated value of $673,904,638.

Breakdown

  • 17,175 Residential Building Claims, 8.92% closed, average value $13,784
  • 3,579 Contents Claims, 13.27% closed, average value $4,202
  • 56,968 Domestic Motor Claims, 2.98% closed, average value $5,215
  • 51 Domestic Other
  • 671 Commercial Property Claims
  • 2,387 Commercial Motor Claims
  • 338 Business Interruption Claims​
  • 25 Commercial Other (including crop, marine, aviation)

The average value is likely to move in the coming weeks, with updated claims data to be shared with the ICA on 17 January.

This was the fifth and final catastrophe declared by the ICA in 2018, following bushfires in NSW and Victoria, Cyclone Marcus in Queensland, and storms across Hobart in May.

For more information visit http://www.insurancecouncil.com.au/