According to PERILS’ definition of event, the loss figure includes property as well as motor business lines. Unusual for a hailstorm event, motor losses were equivalent to just 4% of the overall loss incurred by the industry, while 96% was made up of losses relating to property business lines.
Parts of Mallacoota situated East of Gippsland have experienced a power outage after an electricity pole fell; this is the same town that bore the brunt of the catastrophic bushfires of 2019-2020.
Did you know that heatwaves cause the highest number of deaths than any other natural disaster like floods, bushfires and cyclones? Well, now you know.
The flames, which raged on near the Western Australia’s capital, has since destroyed 81 homes, sheds and thousands of kilometres of farm fences, compelling hundreds of people to seek shelter at evacuation centres despite the strict COVID-19 lockdown in Perth.
The heavy rains flooded the Gascoyne River to a maximum of 7.07 metres at around 8:15pm on Saturday, coming short of the unprecedented 2010 floods that swelled the river to about 7.7 metres.
To date, the dangerous and out-of-control bushfire has blazed through over 9000 hectares of land and destroyed several hills communities.
Mr Guse added that insurers like QBE had certainly turned into a “little more risky” asset for potential investors though the sector was focused on tackling its operating risks by active lobbying of governments to seriously act on climate change.
QBE recently announced plans to set aside an additional US$685 million (around AU$888 million) for claims relating to catastrophic weather events in 2021 after surpassing its US$550 million cap in 2020 due to the severe bushfires and the unprecedented hurricane season in Australia’s northern hemisphere.
January set the momentum for subsequent months when catastrophic bushfires ravaged through Victoria and NSW, being fueled by extreme heat experienced in eastern Australia at the start of the year.
According to the NSW Rural Fire Service (RFS), 54 bushfires ravaged through the state, causing a severe two-day heatwave which led to unprecedented temperatures in November.