Tony and Jhan Dunn never thought they would leave California, where they grew up, built a life together and planned to retire. But after a wildfire swept through their Northern California town of Paradise three years ago, burning their home to the ground, they could not get insurance to buy another. “We basically got priced… Continue reading Climate Change Turns Up the Heat on Carriers and Insureds
Tag: Australia wildfires
ICA Puts Australian Bushfire Losses at A$1.34B, Expects Sharp Increase in Claims
The Insurance Council of Australia (ICA) has revealed that insurers have now received 13,750 bushfire catastrophe-related claims since November 8th, with industry losses estimated at AUD 1.34 billion (approximately USD 925 million). The ICA has warned that it is anticipating a further “sharp increase” in claims this week after commercial claims come in and household… Continue reading ICA Puts Australian Bushfire Losses at A$1.34B, Expects Sharp Increase in Claims
Economic Impact of Australia’s Bushfires Set to Exceed $4.4B Cost of Black Saturday Blazes in ’09
The economic damage from the bushfires devastating Australia’s eastern seaboard is likely to exceed the record $4.4bn set by 2009’s Black Saturday blazes, Moody’s Analytics has said. The Moody’s economist Katrina Ell said the fires would further cripple Australia’s already anaemic consumer confidence, increasing the chances of a rate cut next month, as well as… Continue reading Economic Impact of Australia’s Bushfires Set to Exceed $4.4B Cost of Black Saturday Blazes in ’09
Insurance Losses from Australia’s Bushfires Soar to $700M
Insurers will brief Australia’s Treasurer Josh Frydenberg about the industry’s response to the bushfire crisis as they revealed almost 9000 claims more than worth about $700 million have been received so far, with the damage expected to rise dramatically as the extent of destruction becomes clearer in coming days. The New South Wales Rural Fire… Continue reading Insurance Losses from Australia’s Bushfires Soar to $700M
Australia’s Catastrophic Fires Threaten to Upend the Way People Live
The human, environmental and economic toll of Australia’s devastating wildfires is mounting each day, but the country has barely begun to grasp the total cost of the “unprecedented” blazes and how it will change the way people live. Igniting two months earlier than the usual start of the Australian fire season, the flames have torn… Continue reading Australia’s Catastrophic Fires Threaten to Upend the Way People Live