Wildfire
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Natural hazard losses have put the carrier’s aggregate reinsurance covers closer to triggering. -
The reinsurer pegged 2019 cat losses at $52bn, in line with long-term averages but 40 percent lower than 2018.
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The bushfires have drawn attention to extended hours clauses that allow insurers to group together claims as a single event.
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More claims are expected to be lodged in coming days and weeks.
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The Australian insurance organisation put cumulative insured losses at A$431mn ($299.1mn) for the bushfire season.
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The Australian carrier boosted its overall reinsurance cover but cut back aggregate protection.
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More than 400 claims were lodged in the past day.
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While temperatures hit 40c in every state and territory early this week, strong winds and lightning strikes in certain regions fed the flames.
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The weather is expected to cool in the coming days but more high temperatures are due later in the week.
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Damaging wildfires in recent years have made it more challenging for homeowners to find affordable insurance.
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More than 830 homes and 62 facilities have been destroyed in NSW so far this fire season.
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It also put an A$166mn tally on a November Queensland hailstorm.
