bushfire

Share

Perth Hills bushfires declared catastrophe, as losses pass $40m: ICA

The Perth Hills bushfires, which continue to burn to the north east of Perth, Western Australia, has now been declared a catastrophe, as it continues to destroy structures and losses from claims are estimated to have reached $40 million, according to the Insurance Council of Australia. The fires, which have been read the full article →

Bushfire on outskirts of Perth, Australia destroys 71 homes

A bushfire spreading on the outskirts of Perth, Western Australia has now destroyed 71 homes and more property damage is anticipated as the fire continues to expand and threaten communities in the area. The Wooroloo bushfire started on February 1st 2021 and was battled by more than 500 fire fighters. Despite these read the full article →

Australia’s bushfire risk more focused on grasslands & crops this year due to La Niña

A forecast for Australian bushfire risk for the summer months of December 2020 through February 2021 suggests that forested areas could see normal levels of risk, while higher-risk is seen for grassland or crop growing areas of the south and in particular south east of the country. Australia suffered significant bushfires read the full article →

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 →