HVRRF - Australian Bushfire Claims Rise 43% To A$1.34bn (US$925)
The ongoing Australian bushfire disaster could now become the most costly on record, after estimated insurance claims rose by another 43% to reach A$1.34 billion (around US $925m) and a further sharp increase in the loss is now expected.
The latest figure from the Insurance Council of Australia ((ICA)) is another significant hike in the expected insurance and reinsurance industry loss total, further increasing the chances of reinsurance market impact and perhaps some attrition to certain ILS fund positions on aggregate layers.
The new loss total is for bushfire claims since November 8th, so does