News Non-Life11 Jan 2019

Australia/NZ:Nat CAT events cause insured losses of >US$820m Down Under last year

| 11 Jan 2019

The total bill for insurers from Sydney's recent destructive hailstorm has exceeded A$673m ($481m), and this number is expected to climb.

Insurers have to date received more than 80,000 claims because of the 20 December storm, said the Insurance Council of Australia (ICA). Of the claims processed so far, 73% are car related and 21% are related to residential homes.

This was the fifth catastrophe declared in 2018 by the ICA. In March, bushfires in NSW and Victoria resulted in A$82.5m in insured losses. In the same month, Cyclone Marcus caused A$62m in claims, and losses of A$16.8m from floods in North Queensland. In May, storm and flood damage around Hobart resulted in A$99.6m in insured losses. Losses from the five Nat CAT events last year have so far totalled over A$930m ($670m).

New Zealand

Meanwhile, in New Zealand, insurers paid more than NZ$226m ($153m) last year helping customers recover from extreme weather, according to data from the Insurance Council of NZ (ICNZ).

The severe weather stats place 2018 as New Zealand's second most expensive year for severe weather events since 1969, with 33,064 claims costing NZ$226.4m. 2018 fell just short of 2017’s record, a year in which severe weather events cost insurers NZ$243m.


 


 

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