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Australia’s summer catastrophe industry loss hits A$5.4bn

Insurance and reinsurance industry losses from the spate of catastrophe events that impacted Australia through its summer months in 2019/20 are now estimated to have reached A$5.4 billion, according to the Insurance Council of Australia (ICA). That's a continued rise from the almost A$5.1 billion of industry losses reported back in read the full article →

Australian east coast low industry loss raised 21% to A$958m

The estimate of insurance and reinsurance market losses from a severe east coast low pressure storm that struck Australia at the beginning of February, has risen some 21% at the second reporting to A$958 million, according to PERILS AG. PERILS latest estimate, which is its first update since it estimated the read the full article →

IAG bolsters reinsurance with new aggregate cat cover & stop loss

Australian primary insurance group IAG has added new catastrophe reinsurance protection at the July 1st renewals, increasing its aggregate protection and also capping potential losses with a stop loss cover. IAG has been making relatively heavy use of its reinsurance protection in recent quarters, as catastrophe loss activity in Australia saw read the full article →

Industry loss from Australia’s January hailstorms escalates to A$1.811bn

The insurance and reinsurance market loss estimate for the severe hailstorms that struck the southeastern region of Australia in January 2020 is now seen as A$1.811 billion by PERILS, as the group adds motor claims to its tally and says the property loss has risen 44%. Previously, the Zurich based, industry read the full article →

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 →