australia

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.

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%.

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.

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.

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.

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 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).

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.

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).

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.