Informa Insurance News 24
AUSTRALIAN ‘BLACK SUMMER’ BUSHFIRE LOSSES RISE TO $1.28BN: PERILS
Catastrophe claims data company Perils has estimated the industry insured losses from the record-breaking Australian bushfires of 2019/2020 at A$1.86bn ($1.28bn). It compares to Perils’ earlier loss estimate of A$1.57bn ($1.08bn) issued on February 17. The 2019/20 Australian bushfire season, known as the ‘Black Summer’, was the worst on record, resulting in 34 deaths. Insurance losses during the peak period were most severe in the state of New South Wales, accounting for 70% of the industry loss, followed by Victoria (17%) and South Australia (13%). An updated estimate will be released on 6 January 2021, one year after the event’s end date.