Wildfires in Australia that have claimed 166 lives and could unofficially cost more than Australian $500 million (U.S. $340 million) in insured losses according to one report, but the nation's insurance council said it is too soon to put a figure on the losses.
The Insurance Council of Australia said while it is too early for a dollar estimate it is listing the Victoria State fire as a catastrophe loss. The Insurance Council classifies a catastrophe at insured loss of more than Australian $10 million.
"As general insurance industry statistics on the number of claims and insurable costs are collated they will be released by the Insurance Council of Australia in line with its Catastrophe Coordination Arrangements," Kerri Kelly, chief executive, said in a statement.
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