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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 →

IAG’s Orchard catastrophe bond “fully exhausted” by bushfires

Australian primary insurance group IAG has revealed that its Orchard ILS Pte Ltd catastrophe bond was triggered and then fully exhausted by claims suffered from the severe bushfire season in the country. The Orchard ILS catastrophe bond was the first to be sponsored Insurance Australia Group (IAG) back in February 2019 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 →

Australia bushfire loss estimate raised 19% to A$1.86bn by PERILS

An estimate of insurance and reinsurance industry losses from the severe bushfires in Australia over the last season has been raised by 19%, with the hours clause appropriate seven consecutive day period loss now seen as A$1.86 billion (almost US $1.3bn) by PERILS AG. Zurich based industry backed catastrophe loss data 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 →

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 →

Australia bushfire insured losses rise 6% to pass A$2bn

The insurance and reinsurance market loss from claims caused by the bushfires that burnt across Australia in late 2019 into early 2020 has risen another 6% and passed A$2 billion for the first time. While the cost of claims has only risen by 6% since we last reported on the data read the full article →

Australian bushfire loss near A$1.6bn across 7 day period: PERILS

Insurance and reinsurance industry losses from the recent Australian bushfires across an hours clause appropriate seven consecutive day period are estimated at nearly A$1.6 billion (almost US $1.1bn) by PERILS AG. The latest information from the Insurance Council of Australia (ICA) puts the industry losses from the bushfires at A$1.9 billion read the full article →

Australian bushfire losses rise 15% to A$1.9bn (~US$1.3bn)

The latest data on claims and expected industry losses from the ongoing bushfires in Australia shows that the insurance and reinsurance market loss has risen another 15%, to reach A$1.9 billion (around US $1.3bn). As more claims continue to be filed, costs are escalating from the bushfires that struck Australia over read the full article →