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Australia: Spate of Nat CATs will impact on industry earnings

Source: Asia Insurance Review | Jun 2015

Astring of recent major natural catastrophe events in Australia is expected to materially affect non-life insurers’ upcoming earnings for the fiscal year that ends 30 June 2015, according to the latest A.M. Best report, “Recent Natural Catastrophe Losses in Australia Challenge Underwriting Profits.” 
   The good news is the real impact will be more of an earnings event for Australia’s non-life sector than a capital event. These major catastrophes included a November 2014 hailstorm in Brisbane, Tropical Storm Marcia in February and a New South Wales storm and a hailstorm in Sydney, both in April.
   Despite the anticipated negative impact on underwriting profits, these catastrophic events thus far are unlikely to lead to a net loss for the non-life sector given the robust reinsurance protection in place for general insurers that operate in the region, according to the rating agency.
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