Insured Losses From Australia Bushfires Exceed A Billion Dollars
Tuesday, January 28th, 2020 Catastrophe PropertyThe ongoing outbreak of bushfires in Australia are now said to be the costliest example from an insurance and reinsurance market loss perspective, as the latest data shows losses reached A$1.65 billion (US $1.13bn).
Estimated insurance claims from the bushfire disaster in Australia have kept rising, with claims lodged now reaching more than 20,000 according to the Insurance Council of Australia (ICA).
Insurance and reinsurance broker Aon goes into more detail in its latest catastrophe report, highlighting some 7,000 properties and structures as being destroyed by the fires, with 2,779 of these being homes.
The fires are reported to have caused 31 deaths and have burned an enormous 18.6 million hectares (46 million acres) of land.
81% of current claims come from New South Wales, 8% from South Australia, 8% from Victoria and 3% from Queensland.
