The global re/insurance market faced more than US$1 billion in losses due to natural disasters in February 2017, according to Impact Forecasting, the risk modelling unit of major re/insurer Aon Benfield.
Bushfires, flooding and severe storms which hit Australia over the month have seen hundreds of millions of dollars’ worth of claims impact the Australian industry, with economic losses expected to be even higher, the report notes.
“Australian insurers continue to take stock following a major hail event in New South Wales, including the greater Sydney metro region,” Darbinyan said.
“Given further growth of exposures, hail events will remain a major focus of the insurance industry.”
Around the world, the disaster toll continued to mount.
Five outbreaks of severe convective or thunderstorm type weather hit the United States in February, with one causing 60 tornado touch-downs in the Midwest, Southeast, and Mid-Atlantic states.
According to Impact Forecasting, economic and insured losses from these disasters could reach hundreds of millions of dollars.
In Europe, windstorm Thomas caused insured damages of around US$105 million across the UK and Germany.
Major flood events were recorded in Peru, Chile, Zimbabwe, Indonesia, as well as Australia, while winter storms in Afghanistan and Pakistan caused avalanches that led to over 200 fatalities.
Meanwhile, a magnitude-6.5 earthquake in the southern Philippines killed eight people and injured hundreds. Economic losses were estimated at PHP720 million (US$14 million).
Sydney hail insurance claims total revealed