The Insurance Council of Australia has declared 6 Catastrophe events in 2019, to take the Industry’s Natural Disaster losses so far this year to more than $1.56 billion.
2 of those events occurred this month, including the Sunshine Coast hailstorm, and the NSW and QLD bushfires that are still active around the state’s.
Losses from the hailstorm have risen to over $60 million, from over 7500 claims which is still rising. 80% of those claims are for vehicle related damage.
Meanwhile NSW and QLD are still battling fires in hot and windy conditions. Losses have climbed to $110 million and are still predicted to rise. In NSW alone, the bushfires have destroyed 577 homes, and the Rural Fire Service is warning that the worse could still be yet to come as summer starts in December.
Bushfires are a natural part of the landscape in Australia and as we have already seen, a real threat to property and lives. Zurich Insurance has prepared a Bushfire Preparedness Report which provides more information on the steps that those in bushfire prone areas can take to better prepare for the bushfires and reduce their exposure and the potential losses. Find the Report Here.