Australian insurers are bracing for a surge of flood insurance claims as heavy rains and flooding begin to recede in parts of New South Wales (NSW).
According to the Insurance Council of Australia’s latest data, NSW residents have so far lodged 8,415 claims, an increase of around 28 percent compared to figure released on July 7.
Around 84 percent of the claims were for property, while 14 percent were for motor and the remaining two percent for commercial.
The council said the estimated flood damage bill could be around $97.9 million (US$66.88 million) and called on policyholders whose properties, businesses, or vehicles had been damaged to file claims as soon as possible….