Insurance claims hit insurers this summer
Even with no major cyclones or floor insurance claims due to natural catastrophe and severe weather events during the summer months in Australia have now caused over AUD $550 million (USD $415m) of insurance and perhaps reinsurance industry losses, according to the Insurance Council of Australia.
The four events, the Pinery bushfires in South Australia (November 26), the Sydney tornado (December 17), the Great Ocean Road (or Separation Creek) bushfires in Victoria (December 26) and the bushfires in Western Australia’s south west Yarloop area (January 8), were previously pegged at an industry loss of AUD $515 million, but the claims continue to come in resulting in a rising toll for insurance and reinsurance firms.
The ICA has broken down the industry losses by event now, with the Sydney tornado set to cause insurance and reinsurance firms the greatest loss, at AUD $206 million. The Pinery bushfire is next at AUD $172 million, the Great Ocean Road bushfires at AUD $110 million and the Yarloop fires at AUD $71 million.