Australia: Insurance losses from Nat CAT season exceed $3.5bn
Source: Asia Insurance Review | Jul 2020
According to an update from the Insurance Council of Australia (ICA), the cost of insurance claims from four natural disaster catastrophes declared over the 2019-20 summer has passed A$5.19bn ($3.46bn).
The four natural disasters were bushfire and hailstorm in November 2019 as well as a hailstorm this January and storms and floods in February.
ICA head of communications Campbell Fuller said that thousands of new claims and property loss assessments have pushed total claims to more than 288,100 with nearly 50% of claims from the catastrophes closed by insurers. A