From Artemis, November 27:
A forecast for Australian bushfire risk for the summer months of December 2020 through February 2021 suggests that forested areas could see normal levels of risk, while higher-risk is seen for grassland or crop growing areas of the south and in particular south east of the country.
Australia suffered significant bushfires last summer, as tinder dry forests burned and caused rising economic costs, as well as impacts to the local insurance market and global reinsurance sector.
The Insurance Council of Australia (ICA) estimates that insured bushfire losses during the accepted seasonal months reached almost AU $2.34 billion last year, with more than 38,600 claims filed with insurers due to fire impacts from the season.
That drove some insurers to call on occurrence and also aggregate reinsurance support, with an element of bushfire attrition even seen for some ILS fund strategies.
The 2020/21 bushfire season in Australia may see a different range of threats, as La Nina conditions have taken hold and Australia has had higher rainfall levels as a result.
But this has led the Bushfire and Natural Hazard Cooperative Research Centre to predict a greater than normal risk of grassland starting bushfires this year, as rainfall has stimulated much more growth....
....MUCH MORE
As Grandmother used to say, "If it's not one tham ding it's another."
