AIR+23 Jun 2022

Australia:Increasing claims pose major challenge for insurers

| 23 Jun 2022

PERILS, a Zurich-based organisation providing industry-wide catastrophe insurance data, disclosed its second industry loss estimate for the Eastern Australia floods, which occurred from February to March. The second estimate of the insurance market loss is A$4.895bn ($3.382bn). This compares to the initial loss estimate of A$3.991bn which was issued by PERILS in April. The loss estimate includes losses from the property and motor hull lines of business and is based on data collected from most of the Australian insurance market.

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