Insurers can absorb the “growing” and “somewhat uncertain” insurance claims due to the Australia fires within the current ratings, as their exposure remain “at a moderate level, and well covered by their natural peril allowances and extensive external reinsurance protection.”
The statement was released by S&P Global Ratings in light of the series of bushfire events that occurred since early September, exacerbated by the recent extremes in drought and climate conditions. The report does not constitute a rating action.
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