Initial insurance losses for the Eastern Australia floods are estimated at A$3.99 billion (US$2.97 billion), according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data. The PERILS loss estimate for the floods, which inundated Eastern Australia during …
Preliminary economic losses from natural hazards billion during the first quarter of 2022 totaled $32, of which less than 50% (or $14 billion), was covered by public and private insurers, according to a report published by Aon. Although the first …
The majority of gross losses from recent devastating flooding in Australia likely will be borne by reinsurers with limited impact on primary insurers’ balance sheets, according to an AM Best report. The flooding brought widespread damage to regions of New …
Heavy rains deluged Australia’s east coast on Wednesday, submerging entire towns, while thousands of people fled their homes for the second time within weeks after fast-moving flood waters burst river banks and broke over levees. Several towns in northern New …
PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data, has disclosed its fourth and final industry loss estimate for the New South Wales and Queensland floods, which occurred during the period of March 18-24, 2021. The final estimate …
Australia’s Prime Minister Scott Morrison conceded that a changing climate is making the country a more difficult place to live as he declared recent destructive flooding on the east coast a national emergency. Morrison spoke to reporters as he visited …
Flood warnings stretched across Australia’s east coast on Tuesday and tens of thousands of Sydney residents fled their homes as torrential rains again pummeled the country’s largest city, flooding several big suburbs. Australia’s eastern rivers were already near capacity following …
Property and auto insurers in Australia have received 60,163 claims related to the ongoing disastrous flooding in South-East Queensland and New South Wales. Based on previous flood events, the Insurance Council of Australia (ICA) estimates the current cost of claims …
Sydney was preparing on Wednesday for dangerous flash flooding as population centers farther north began a massive cleanup operation after record floods that have claimed at least 14 lives along Australia’s east coast in recent days. The torrential rain — …
November was a wet month in many countries across the globe, with heavy rains and flooding causing billions of dollars of economic losses, according to Aon’s monthly Global Catastrophe Recap report, which each month evaluates the impact of global natural …
