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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