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Sydney hail & Townsville flood losses rise, as Australia’s cat bill hits A$2.42bn

Industry losses have continued to rise from the December hail storm that struck the Sydney and surrounding area of Australia, with the latest tally of an insurance and reinsurance bill for the event rising to A$1.271 billion (US $915m).The hail storm struck the Sydney, Central Coast and South East Queensland read the full article →

Sydney hail loss rises. Australia’s insured catastrophe bill hits A$2.2bn

Increasing losses from the December hail storm in Sydney and the surrounding area of Australia has hiked the overall insurance and reinsurance bill for summer catastrophes that have been designated in the country to A$2.2 billion (US $1.57bn).At the last update back in January, the Insurance Council of Australia (ICA) read the full article →

Sydney hail storm property loss estimated at A$635m: PERILS

The property loss caused by the December hail storm in Sydney and the surrounding area of Australia is estimated to have caused an insurance and reinsurance market loss of A$635 million (US$462m) by PERILS AG.The catastrophe insurance data and loss estimate provider only tracks property losses in Australia, hence its read the full article →

Sydney area hail storm loss passes A$871m

The loss to insurance, reinsurance and some ILS fund interests from the recent major hail storm and severe convective weather outbreak that hit the Sydney and surrounding area of Australia in December has risen, with the industry impact now above A$871 million.The hailstorm system hit the Sydney, Central Coast and read the full article →

Sydney hail loss nears A$700m, some ILS funds to take December hit

The recent major hail storm and severe convective style weather outbreak that struck the Sydney and surrounding area of Australia in December has already driven nearly A$700 million of claims and it's now clear that a number of ILS funds are expecting minor impacts from the loss event.The hailstorms struck read the full article →

Sydney hail storm will trigger reinsurance payout for Suncorp

The major hail storm and severe weather outbreak that struck the Sydney and surrounding area of Australia in December will result in a reinsurance payout for insurer Suncorp, as the company says claims will exceed its program's first event retention and are eating through its aggregate retention as well.Suncorp had read the full article →

Sydney hail storm to trigger reinsurance losses via Suncorp & IAG

Two of Australia's largest insurers are expecting their reinsurance treaties to trigger after a major hail storm struck the Sydney and surrounding area on Thursday, resulting in catastrophic damage and already more than 25,000 claims filed.Large hail from severe thunderstorms struck the Sydney area, resulting in significant damage to insurable read the full article →

Australian severe storms pegged at initial $105m loss, set to rise

Severe thunderstorms that struck the Victoria and Melbourne region of Australia on December 19th, bringing strong winds, large hail and flash flooding, are estimated to have already resulted in over AU $105 million of claims, a figure that is expected to rise significantly.The Insurance Council of Australia declared a catastrophe read the full article →

AIR launches severe thunderstorm, tornado, hail risk model for Australia

Risk modelling firm AIR Worldwide has released what it calls the first severe thunderstorm risk model for Australia that captures the three main sub-perils of tornado, hail and straight-line winds, a move that will help insurance, reinsurance and also ILS fund managers to better assess and manage risks in Australia.Australia read the full article →

Sydney hail loss rises, as IAG & Suncorp estimate up to AU$370m

The final insurance and reinsurance bill from the severe summer hailstorm that struck Sydney and parts of New South Wales, Australia on February 18th 2017 will rise further, as evidenced by initial estimates from insurers IAG and Suncorp.Last week we reported that the Insurance Council had increased its estimate of read the full article →