News

A bigger Bushfire season approaches

News >>

The Insurance Council of Australia (ICA) is warning that large spring bushfires and predictions of a hot, dry summer are sending a strong reminder to households in fire zones to prepare for a higher risk this bushfire season.

The ICA said Australia is moving towards hotter spring and summer weather, and recent bushfires were evidence of the high fire risk.

“The Bureau of Meteorology is warning the chances of bushfires this spring and summer are much higher than the previous couple of years,” said ICA CEO Rob Whelan.

“The very wet weather Australia experienced over the past two years has created optimal conditions for the growth of grasslands, providing potential fires with an abundant fuel source and means there will be a high fire risk from now until March.

“The seasonal outlook also points to higher-than-average temperatures for much of Australia.”

Whelan said the east coast of Australia had already experienced some significant bushfires that threatened homes and businesses, including the NSW Central Coast, and Queensland’s Darling Downs and Atherton Tablelands.

Bushfires have also affected Western Australia and the Country Fire Service in South Australia has announced total fire bans in parts of the state.

“This is just the start of the traditional fire season and it is clear the bushfire threat is very real,” said Whelan.

“Householders in areas at risk of bushfires should take steps to prepare now. They should make sure their properties are physically prepared, and this should also serve as a reminder to review insurance needs.”

Managing Risks of Bushfires


--------------------------------------------------------------------------------
 

Last changed: Jan 09 2013 at 12:51 PM

Comments

  1. None Found

Add Comment

Latest News

D&O premium pool ‘must treble’ to return to profitability

A new report – called "Show Me The Money!" by insurer XL Catlin and law firm Wotton + Kearney – is the second in a series of three white papers on securities class actions and their impact on the Directors & Officers Liability (D&O) market. The main conclusion is that Directors’ and officers’ (D&O) insurance premiums are under-priced significantly and need to rise strongly to restore profitability. The main risk areas are those exposed to securities class actions, 

It says Directors & Officer's Side A, Side B and Side C cover has been chronically underpriced since at least 2011, while the frequency of class actions is increasing as more plaintiff lawyers and litigation funders enter the space.

The analysis suggests last year’s overall premium pool of about $210 million would need to increase by at least three times to establish a profitable market, if it is assumed all other factors stay unchanged.

“Recent market developments would indicate most D&O insurers are now endeavouring to restore some semblance of profitability to their portfolios after years of market losses,” the report says.

read more

75% of Cyclone Debbie claims settled

In the 6 months since Cyclone Debbie devastated Queensland and parts of northern New South Wales:

• more than 31,000 homes and business have been repaired or received settlements from their insurance company

• more than 20,000 families have had possessions replaced

• more than 4,500 motor vehicles have been repaired or new vehicles provided

• hundreds of local builders and trades have been working on properties to repair the damage and destruction caused by the cyclone

• over $5 million has been paid EACH DAY to assist local communities, residents and businesses.

read more