The insurance industry suffered “peak” losses totalling $1.861 billion from the “Black Summer” of bushfires that devastated parts of New South Wales, Victoria, and South Australia between the end of 2019 and the beginning of 2020.
Independent catastrophe research firm PERILS has revealed the final tally in its industry loss footprint report, which it based on loss data collected from the “vast majority of the Australian insurance market.” The figure also revises PERILS’ earlier loss estimate of $1.568 billion issued earlier in the year.
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