NSW FIRES: Insurance Costs Hits $138 Million, Local Tourism Industry Loses More Than $2 Million A Day

Picture: Getty Images

Insurers have estimated the damage toll of the NSW fires to be worth $138 million and expect the number will still rise.

The chief executive of the Insurance Council of Australia has said, “While claims lodgements have stabilised… [they] expect these to begin climbing again as returning residents assess any property damage,” reports The Sydney Morning Herald.

Despite the fires destroying more than 200 homes, ANZ economist Felicity Emmet says the damage cost won’t be as high as past natural disasters.

“Unlike the floods in Queensland in late 2010 and early 2011, which saw more than 25 million tonnes of lost coal production and shaved around 0.75 percentage points off 2010-11 GDP growth, [these fires] will have an almost negligible impact on economic activity,” Emmett told The SMH.

Meanwhile, local tourism is estimated to be losing $1.5 million a day due to a drop in visitor numbers, and another half a million in booking cancellations, reports News Limited.

The Blue Mountains Lithgow and Oberon Tourism organisation has said 5100 full-time jobs across the industry have been impacted by the fires, with many employers also having had lost their homes.

Fires are still burning near Blackheath and Mt Victoria but the RFS have downgraded most alerts.

Read more here.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.