Reinsurance News

Australia’s summer nat cat claims hit AU$5bn

28th May 2020 - Author: Charlie Wood

The Insurance Council of Australia has pegged the cost of claims from four natural catastrophes declared over the 2019-20 summer at over AU$5.19 billion.

The Insurance Council of AustraliaMore than 15,000 claims totalling AU$270 million were lodged in the last four weeks.

“Thousands of new claims and property loss assessments have pushed total claims to more than 288,100 and the estimated damage bill to more than $5.19 billion,” said ICA Head of Communications, Campbell Fuller.

“Insurers have already paid more than $2.85 billion for emergency accommodation, business interruption, repair and rebuilding work, replacement of motor vehicles and goods, services and settlements.

“This is despite the widespread impact of the natural disaster season and the handbrake effect of COVID-19.”

Fuller added that almost 50% of claims from the four storm, bushfire and hailstorm catastrophes have been closed by insurers – “an extraordinary result for households and businesses affected by these disasters.”

The ICA notes that the COVID 19 pandemic was declared a Catastrophe on March 11, and that the industry is assessing the impact it is having on claims and customers.

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