On Monday, October 28, the Insurance Council of Australia (ICA) revealed over 90 per cent of property damaged by bushfires in New South Wales has been assessed by insurance providers.

Rob Whelan, chief executive officer of the ICA, said insurance providers have “responded incredibly quickly” to this disaster, which will help the residents and businesses affected by the bushfires get back on their feet sooner.

A total of 1,041 claims have been lodged with insurance providers so far, and losses have been estimated at $145 million.

It’s now up to insurance providers to guide residents and businesses through the recovery process, explained Mr Whelan.

After quotes have been obtained from tradespeople in New South Wales and the scope of the reconstruction has been finalised, the ICA promises the next step – rebuilding these properties – will “start in earnest”.

The ICA is encouraging anyone who has been impacted by the New South Wales bushfires and not already contacted their insurance provider to do so immediately.

Mr Whelan said individuals can lodge a claim even if they’re not yet sure to what extent their property has been damaged.

If you have any questions about your business insurance, what it covers and whether it might be time to arrange a new policy, get in touch with the team at MGA Insurance Brokers today.

We can offer you expert advice and make sure you’re prepared to face almost anything Mother Nature throws your way.

An insurance forum is also being held in the Blue Mountains on November 12, which should help those with house and contents, business or retail insurance understand how the claims and rebuilding processes will work.

“I encourage any policyholders who have queries about the claims process to come along and put their questions to insurance company representatives, legal experts and other participants,” said Mr Whelan.