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Insurers forecasting a $1 billion damage bill due to NSW floods

Insurers forecasting a $1 billion damage bill due to NSW floods

Insurance companies are preparing to pay over $1 billion in damages in the wake of the extreme weather event which has lashed parts of NSW over the last few days. Sixteen local government areas have been declared natural disaster zones from Grafton to the Hawkesbury. The severe weather system dumped more than 350mm of rain on parts of the state on the weekend. It has been labelled a one-in-a-100-year event on the NSW north coast and a one-in-50-year event in Sydney's west.