New South Wales storm insurance industry loss hits AUD$244m

The insurance industry loss estimate from the recent east coast low pressure storm system that affected the New South Wales Australia region, particularly Sydney area, has risen again to hit AUD$244m, according to the ICA.

Update: The industry loss estimate rose to AUD$295m.

The Insurance Council of Australia initially reported the value of claims reported on the 22nd April, when it said 19,500 claims had been registered which it estimated would have an insurance industry loss impact of AUD$129m.

That number grew on the 23rd April when the figures were increased by 25% to 24,250 and an insurance industry loss estimate from the storm of AUD$161m. Then again on the 24th, to reach 29,650, which caused the ICA to increase the insurance industry loss estimate by another 25% to AUD$201m.

As of 10am this morning, 27th April, the ICA now reports another jump of 21% in the insurance industry loss estimate to AUD$244m from 34,950 claims registered.

Further increases in these numbers are expected over coming days.