Reinsurance: "Australian bushfire claims rise 43% to A$1.34bn (US$925)"

From Artemis, January 14:

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 not include fires that caused additional damage from September.

When we last covered the bushfires the claims count since November 8th from the ICA had reached A$939 million from 10.550 claims (A$995m for the entire Australian bushfire season since September 2019), but with weather conditions having improved and made fighting the fires a little easier, it has been possible for more residents to return to their homes, assess damage and file insurance claims.

Now reaching A$1.34 billion from 13,750 claims filed, the figure has leapt significantly and there could be further rises in the coming days, potentially taking the current wildfire outbreak in Australia to become the most costly on record....

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