Wildfires in Australia could cost insurers nearly 1 billion USD

The insured losses related to the bushfires that ravaged Australia between November and December 2019 are estimated at 939 million USD. Including the September and October fire losses, insurers are dealing with a total bill of 995 million USD.

The Insurance Council of Australia has reported 10 550 claims received for the only fire that broke out on November 8. Suncorp and IAG estimate their exposures at 345 million USD and 400 million USD respectively. It should be noted that local insurers are joining forces to help the affected people.

QBE and Suncorp have provided 500 000 USD in aid each. For its part, IAG has made its helicopter available to the authorities.These events are the 3rd most expensive in Australia's history, behind those of 2009 (1.8 billion USD) and 1983 (2.5 billion USD).