Insurers concerned about climate change as bushfire claims bill tops $1.3b

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The cost of the east coast bushfire crisis to insurance companies has surpassed that of Victoria's Black Saturday fires, making it one of Australia's most expensive fire events on record.

The cost of the east coast bushfire crisis to insurance companies has surpassed that of Victoria's Black Saturday fires, making it one of Australia's most expensive fire events on record.

The figures were shared by financial services firms JP Morgan and Taylor Fry on Tuesday as they shared details of an annual survey of insurers that found climate change was the most pressing issue for the industry, as it faces a $2.1 billion claims billThe report, written from the results of a survey of major underwriters, re-insurers and brokers, said climate change had placed "significant pressure" on the industry and criticised the government for its lack of action in the space.

Cyclones, flooding and hailstorm events are the most problematic for insurers, with bushfires historically making up only 13 per cent of natural peril costs. "For every extra degree [of global warming], it's not a linear relationship. It's an exponential relationship," Mr Parameswaran said.

 

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Insurers concerned .... seems a reason to gouge all insurance policy purchasers

That's usury for you, it's all good when they're taking your money but when it's time to deliver.....

MaggieDaWitch I do Hope these Poor Bushfire Victims are paid Out swiftly to regain a Sense of Normal Life,again🤔

Fake News by the SMH again.

Insurers couldn't give a shit about climate change, the only thing they care about is their pockets. Ask some of the people in Queensland after the floods they had how much support they got from insurers.

tell it to Joyce Bet he doesnt give a damn Only coal$ matters Priority mate

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