Insurers, banks to help bushfire victims

The Insurance Council of Australia has activated a disaster team to help victims of the SA bushfires, while banks have announced relief measures.

460987000.jpg

A shed destroyed during bushfires in Upper Hermitage in the Adelaide Hills (Brenton Edwards/AFP/Getty Images)

Insurers and major banks have promised to do all they can to help the victims of the South Australian bushfires.

The Insurance Council of Australia has declared a catastrophe for bushfire-affected regions and has set up a team to work with affected policyholders.

"The ICA is liaising with the state government, emergency services, local governments and members of parliament to provide support and help resolve issues," chief executive Rob Whelan said on Monday.

Mr Whelan said the ICA didn't yet have firm estimates of the bushfire damage but expects to have a better idea in the next few days as owners return to properties.

And, he said, farmers whose livestock are injured don't have to wait for assessors before euthanasing animals.

Meanwhile, banks are offering relief packages.

BankSA chief executive Nick Reade said South Australians caught up in some of the worst bushfires in the state's history needn't worry about immediate financial commitments.

Affected customers can defer mortgage repayments, while businesses can restructure their loans without incurring usual establishment fees.

Credit card customers can request an emergency credit limit increase or apply to defer repayments.

Customers wishing to purchase replacement goods can apply for a personal loan at a discounted interest rate with no establishment fee.

The ANZ, Westpac, Commonwealth Bank and NAB announced similar measures.


Share
2 min read

Published

Updated

Source: AAP

Share this with family and friends


Get SBS News daily and direct to your Inbox

Sign up now for the latest news from Australia and around the world direct to your inbox.

By subscribing, you agree to SBS’s terms of service and privacy policy including receiving email updates from SBS.

Download our apps
SBS News
SBS Audio
SBS On Demand

Listen to our podcasts
An overview of the day's top stories from SBS News
Interviews and feature reports from SBS News
Your daily ten minute finance and business news wrap with SBS Finance Editor Ricardo Gonçalves.
A daily five minute news wrap for English learners and people with disability
Get the latest with our News podcasts on your favourite podcast apps.

Watch on SBS
SBS World News

SBS World News

Take a global view with Australia's most comprehensive world news service
Watch the latest news videos from Australia and across the world