The earth, as seen from space, with the continent of Australia on fire. There were $2.28 billion in losses caused by Nat-Cat events from 2020-2021, says a report from the Insurance Council of Australia. (Credit: ink drop/Adobe Stock)

From wildfires to landslides, Australia has seen its share of loss from natural disasters. A recent report from GlobalData demonstrates that climate change-induced natural catastrophic (Nat-Cat) events have driven the amount of claims paid by Australian insurers much higher in just the last few years – with loss ratios climbing from 66.1% in 2019 to 84.6% in 2021.

There were $2.28 billion in losses caused by Nat-Cat events from 2020-2021, says a report from the Insurance Council of Australia. The events detailed in the catastrophe report include:

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

Brittney Meredith-Miller

Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected]

More from this author

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2022 ALM Global, LLC. All Rights Reserved.