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Dec 2022

Australia: More frequent secondary perils expected

Source: Asia Insurance Review | Aug 2022

Following several years of large catastrophe losses, and record-breaking floods in February and March 2022, the June and July 2022 renewals were a market-changing event for Australia, said Aon.
In its report, titled ‘Reinsurance Market Dynamics—June and July 2022 Renewals’, Fitch said that the Australian market is at the start of a period of adjustment, as both insurers and reinsurers adapt to the prospect of higher frequency secondary perils and the uncertainties of climate change.
Australia and New Zealand now form a market for catastrophe risk at the forefront of climate change. The market, which is exposed to earthquakes, bushfires, tropical cyclones, hailstorms and floods, is the fourth largest for catastrophe reinsurance demand globally, just behind Japan.
Australia increasingly draws parallels with Florida, where the affordability of catastrophe cover and the balance of private market and government participation is shifting.
Around 70% of Australia’s insurance market renews during June and July, with the focus predominantly on property catastrophe reinsurance. A 
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