Since the devastating 2019-20 bushfires insurers have paid out in excess of $5.6 billion in claims related to natural disasters in New South Wales
The Insurance Council of Australia (ICA) has welcomed additional funding of $268 million in the New South Wales State Budget to continue implementation of the recommendations of the NSW Independent Bushfire Inquiry.
The $268 million to be expended in the 2021-22 Budget is part of a $460 million package begun last year. Since the devastating 2019-20 bushfires insurers have paid out in excess of $5.6 billion in claims related to natural disasters in New South Wales.
While the quantum to be spent on mitigation against future natural disasters is not known at this point, the ICA welcomed the increased investment, which adds to significant support contained in the recent Federal and Victorian budgets.
ICA CEO Andrew Hall said:
”More resilient communities, businesses, and households mean less disruption to life and faster recovery after a major natural disaster.”