NSW Premier says he will 'put the heat on' insurers to speed up flood payouts as almost 800 homes left uninhabitable
NSW Premier Chris Minns says he will "put the heat on" insurance companies to speed up flood payouts, with more than 1,000 homes left uninhabitable following the record-breaking floods.
Catastrophic weather inundated the state's Mid North Coast last week, with record-breaking flood waters damaging at least 10,000 homes.
Several people were killed in flood-related tragedies as river levels hit dire heights.
The Insurance Council of Australia (ICA) declared an "insurance catastrophe" in the wake of the weather event, with the SES declaring 790 homes uninhabitable.
NSW Premier Chris Minns said he would be placing pressure on insurance companies to honour claims 'quickly' as thousands of people, many of whom had just recovered from Cyclone Alfred – and the 2021 floods before that- grapple with the loss of their homes and businesses.
'Everyone's going to have to do their part … and that means insurance companies will have to step up and pay out claims quickly,' he told ABC Radio.
'I don't say that without evidence - I've spoken to families, family businesses in Taree who had settled flood claims from 2021 three months ago, and that is way, way too long for a policy to be honoured by insurance companies.
'I'll be putting the heat on them to make sure that they're good on their claims.'
The ICA renewed calls for a Flood Defence Fund (FDF) – a $30.15 billion investment over 10 years to help protect the country's most at-risk areas in Queensland, New South Wales and Victoria.
Premier Minns said he would work with the Council but would have to consider an FDF further because $30 billion was 'a lot of money.'
'Look, we work with the Insurance Council... But I do have to say, I don't think a solution to this from the Insurance Council is to say, early on in this natural disaster, 'oh, we don't think we can cover a lot of this, notwithstanding people having long term policies, the federal and state government should tip in $30 billion,' he said.
Insurers have received more than 6,000 claims related to the Mid North Coast and Hunter region, with at least 80 per cent for damage to residential homes.
Andrew Hall, CEO of Insurance Council of Australia, said the wide-scale damage was 'confronting'.
"It is confronting to see the extent of the damage across the region and it is clear the recovery is going to take some time and that means support must be ongoing," Mr Hall said.
"The Insurance Hub and recovery centres have seen a steady flow of people coming through getting advice on claims and next steps for the clean-up.
"Insurers will continue to have a presence on the ground in impacted communities, and we urge anyone who needs help with their claim to come down to the Hub and have a chat with the dedicated support staff."
The NSW and Commonwealth governments are set to roll out a major assistance package for flood-stricken primary producers and businesses in the aftermath of the devastating weather event.
Mr Minns said on Thursday said he and Prime Minister Anthony Albanese had been having 'extensive conversations' about the upcoming Category C assistance.
'The government has announced in conjunction with the commonwealth government a range of assistance. I want to make it clear that we're not done yet," the Premier told media in the town of the Taree.
He said the state and federal governments are still working on the package, but he confirmed it will be announced "imminently".
"We want to make sure that the assistance that comes from the commonwealth and the state government for primary producers and small businesses in this part of NSW in fact works, that it pulls those businesses back out of very difficult situation and ensures they continue to operate," Mr Minns said.
The Premier said assistance for small businesses will be "one of the largest components" of expenditure for reconstruction, and he called on the Commonwealth government to "dig in as well".
"They've got deeper pockets than we do ... they obviously play a large role in reconstruction efforts in the tropical north and in Queensland and we need them in New South Wales as well," he said.
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