Summertime disasters costing insurers $1.3m a day
A summer of natural disasters across Australia is seeing insurers pay out $1.3 million a day, the Insurance Council of Australia (ICA) reports.
Catastrophes including bushfires in South Australia, Victoria and Western Australia, alongside damage caused by a tornado hitting Sydney, have seen insurers pay out more than $515 million since the end of November.
ICA chief executive, Rob Whelan, said that despite the string of disasters, "insurers anticipated the potential for a destructive summer, and the losses are within their expectations".
"We've only just reached the midpoint of summer," he said
"Insurers are paying out more than $1.3 million each working day in repairs, building works, settlements and assistance to policyholders just for these four disasters.
"That figure doesn't include the losses from many other smaller events, including recent flood and storm damage in parts of Sydney and the Hunter region."
The updated figures reveal:
- The value of insured losses for the Pinery bushfires has risen to $170 million from 1991 claims. Commercial losses comprise 73 per cent of the total insurance bill;
- Insurers have received 4282 claims from the Sydney tornado with insured losses passing $202 million. Though the highest number of claims are for homes, 72 per cent of insured losses are commercial;
- The Great Ocean Road bushfires have resulted in $86 million of insured losses from 482 claims, including 185 residential building claims; and
- The Yarloop bushfires in Western Australia's south west have produced 616 claims. Insured losses have passed $57 million.
AUTHOR
Nicholas O'Donoghue
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