australia

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.

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 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.

Insurers in Australia are now facing almost A$2.6 billion of catastrophe losses just from the last five months, with the latest being a spate of extreme rainfall and flooding in recent days that increases the chances of more losses leaking into the reinsurance market from the country.

Losses from the severe hailstorms that struck southeastern Australia in January continue to rise, with the latest insurance industry loss estimate now 24% higher at A$638 million.

Australian primary insurance giant Suncorp has referred to an “unprecedented” start to the season for catastrophe losses this morning, saying that it now expects to make recoveries across its reinsurance program, including its main program, drop-downs and aggregate reinsurance including perhaps its stop-loss.

Australian primary insurance giant IAG is set to make a claim under its calendar year 2020 main catastrophe reinsurance program that provides it with per-occurrence protection for the recent hailstorm events, signalling that the gross loss impact to this one insurer will surpass A$250 million.

Insurance and perhaps reinsurance industry losses from the recent severe hail storm outbreaks across southeastern Australia have risen again, jumping another 26% to hit A$514 million (around US $355m) in the last day.

The insurance and perhaps reinsurance market loss from the recent severe convective storms and large hail events in Australia is estimated to have risen by 27% in just one day, reaching A$407 million (around US $280m) as claims start pouring in.