australia

A number of ILS or reinsurance linked investment funds have seen small impacts to their net asset value (NAV) in April, due to the severe east-coast low pressure system and hailstorm that impacted the New South Wales and Sydney area in April.

Insurance industry losses from severe weather events deemed catastrophes in Australia continue to rise, with a fifth event for 2015 being added thanks to another severe east coast storm that impacted Queensland and New South Wales.

Suncorp is the second major Australian primary insurer to reveal a growing impact from the recent east coast low pressure storm system that affected New South Wales, Australia and to say it expects to call on its reinsurance as a result of mounting 2015 catastrophe claims.

Australian primary insurance group IAG has revealed that its losses alone from the recent east coast low pressure storm system that affected the New South Wales Australia region, particularly Sydney, are likely to near the current industry loss estimate.

The insurance industry losses from the recent east coast low pressure storm system that affected the New South Wales Australia region, particularly Sydney area, have risen by another 21% to now reach AUD$295m, according to the ICA.

The insurance industry loss estimate from the recent east coast low pressure storm system that affected the New South Wales Australia region, particularly Sydney area, has risen again to hit AUD$244m, according to the ICA.

The insurance industry loss estimate for the New South Wales, Australia east coast low pressure storm, that affected the region, particularly Sydney, in recent days, has risen again to reach AUD$201m, according to the ICA.

As expected the insurance industry loss estimate for the east coast low pressure storm that has affected New South Wales, Australia, particularly the Sydney area, has risen overnight, from the AUD$129m reported yesterday to now stand at AUD$161m.

Industry insured losses from the east coast low pressure storm that has affected New South Wales, Australia, particularly the Sydney area, are estimated to have reached $129m but could have much further to rise, according to reports.

The Australian government has launched a consultation process to see how access to insurance in  cyclone prone regions in the north can be eased, with measures such as a government backed catastrophe reinsurance pool or mutual insurer to be assessed.