Reinsurance News

Insured losses reach AU$42 million after Sydney freak summer storm

20th February 2017 - Author: Staff Writer

The Insurance Council of Australia (ICA) has reported insured losses of AU $42 million (US$32 million) and rising after a freak summer storm ravaged Sydney and parts of New South Wales.

Hailstone imageAnd insured loss estimates for the NSW bushfires have risen to AU$28.5 million (US $21 million) – a figure that has quickly risen since last week, when reported insured losses were at US$15.3 million.

Losses from both catastrophes are still expected to rise; ICA Chief Executive Officer (CEO), Rob Whelan, said; “That’s because agricultural losses, such as livestock, crops, fencing and equipment, typically take longer to identify and assess.”

The fires had been exacerbated by some of the worst weather conditions of Australia’s recent history after a heat wave caused record high temperatures and a fast desert wind fanned the flames.

The NSW’s rural fire chief called the fire the worst in the history of the state for fire danger ratings and fire conditions.

Print Friendly, PDF & Email

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous post:
Ogden rate revision to result in huge re/insurer reserve charge: Willis

Insurance and reinsurance broker Willis Towers Watson (WTW) has warned that should the proposed Ogden discount rate revision to negative...