Australian summer catastrophe industry losses surpass A$5bn

Insurance and reinsurance market losses from Australia's series of summer catastrophe loss events have now risen to a new high of almost AU $5.1 billion, according to the Insurance Council of Australia. When we last covered these loss events, which range from severe convective weather related hail storms, to flooding and read the full article →

Suncorp reinsurance renewal on track, but aggregates may be a challenge

Australian primary insurance giant Suncorp has said that completion of its catastrophe reinsurance renewal by July 1 remains on track, but highlighted that placing its aggregate reinsurance coverage could be more of a challenge to place. Suncorp's losses from natural catastrophes and severe weather over the last year had already eroded read the full article →

Australian east coast low industry loss estimated at A$794m by PERILS

Insurance and reinsurance market losses from a severe east coast low that struck Australia at the beginning of February are estimated to be A$794 million, according to PERILS AG. As we explained yesterday, the Insurance Council of Australia (ICA) pegged the losses from this latest catastrophe to beset Australia during its read the full article →

Loss from Australia’s Feb east coast storms & floods reaches A$677m

Insurance and reinsurance market losses from severe storms and flooding that impacted the eastern coastal region of Australia at the beginning of February are now estimated to have reached A$677 million by the Insurance Council of Australia (ICA). The storms and torrential rains began around February 4th and ran through to read the full article →

Insured losses for Australia’s Jan hailstorms rise almost 50% to A$1.2bn

The insurance and reinsurance industry bill after the severe hailstorms that hit the southeastern region of Australia in January have now risen by almost 50%, with the latest industry loss estimate now at A$1.2 billion (around US $700m). It makes the hailstorms one of the most costly hail events in Australian read the full article →

Property market loss from Australia’s January hailstorms A$670m: PERILS

The property insurance market loss from the severe hailstorms that struck the southeastern region of Australia in January has been preliminarily estimated at A$670 million by PERILS AG. The Zurich based, industry backed estimator of catastrophe insurance and reinsurance market losses only includes property insurance related losses, so does not report read the full article →

Insured losses from Australia’s January hailstorms rise 26% to A$805m

Insured losses from the severe hailstorms that struck the southeastern region of Australia in January have risen by another 26%, with the latest estimate of insurance and reinsurance industry losses now sitting at A$805 million (around US $503m). This loss emanated from an outbreak of severe convective weather, thunderstorms, large hail read the full article →

IAG highlights “significant reinsurance recoveries” with more to come

Australian primary insurance group IAG has highlighted "significant reinsurance recoveries" made under its program in 2019, including around $280 million from its aggregate tower, with more to come as costs from the recent heavy rain event looks set to be capped by its reinsurance as well. IAG had already revealed that read the full article →

Suncorp’s 2020 losses erode around half its aggregate reinsurance

Australian primary insurer Suncorp has revealed that around half of its aggregate reinsurance protection has been used up thanks to heavy losses from bush fires, hail and storms in recent weeks. The start of 2020 saw Suncorp adding an expected $155 million of net losses just in January alone, resulting in read the full article →

Townsville flood insurance market loss finalised at A$1.243bn by PERILS

The insurance and reinsurance market loss to property lines of business from flooding that struck the Townsville and surrounding area of the Queensland region of Australia in 2019 has now been raised 2% and finalised at A$1.243 billion by PERILS AG. PERILS, the Zurich-based and industry backed aggregator of insurance market read the full article →