Posted by Robert Cooper on (4:21 AM, 03/29/2016)
Insured losses for the four catastrophes declared over summer have gone above $550 million, according to the Insurance Council of Australia.
There was a bit of a “sharp rise in value” of losses with the Great Ocean road bushfires that hit Victoria over Christmas. Insured losses from the Victorian bushfires now stand at $110 million from 527 claims, compared with $88 million one month ago.
Rob Whelan, CEO of the ICA, said that the clean-up operation in the state is well underway with at least 15 sites cleaned up so far by contractors. Insurers can only commence rebuilding once each site has been cleared of debris, including asbestos.
Also the extremely steep terrain is presenting significant challenges, but insurers are determined to rebuild homes in the shortest time possible once the design and planning approval process is completed.
Posted by Robert Cooper on (9:02 AM, 01/21/2016)
Insurance claims have so far exceeded $515 million this summer. Unfortunately they are likely to increase further as the country continues to deal with bushfires and severe storms.
The Insurance Council of Australia (ICA) said the figure is made up from four catastrophes. These include three major bushfires in Pinery in South Australia, Victoria's Great Ocean Road and in Yarloop in Western Australia. Then there was also the Sydney storms and tornado in December.
Insurers were expecting this to be a highly dangerous summer. The predictions were for a heightened bushfire risk in exactly the areas that have suffered bushfires. It is still only the middle of summer. The world has also experienced the hottest year on record since 1880. With more evaporation of land and oceans, combined with more mositure in the atmosphere creating more storm activity and then a greater volume being dumped somewhere else on the planet, it is unlikely these events will reduce into the future.