Current Disaster Statistics

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Current Disaster Statistics

The data below is derived from the submissions of general insurance companies following large loss events incurring costs to the community and Insurers. They do not represent the entire cost of the event.

One thing is certain however, Re-Insurance costs will rise putting extreme pressure on local Insurers to increase premiums through the full range of insurance policies.

Risk Advisors and Insurance Brokers will need to work closely with their Clients over the next year or two, maybe three, to ensure costs are kept to acceptable levels. More often than not this will mean working smarter and considering all options becomes the norm.

VeriSure are committed to ensuring our Clients best interests are maintained at all times.

To provide some balance we have also listed a couple of  old catastrophies.

1. January 2011 : QLD Floods – 52,683 claims – current cost figures $2.6 Billion.

2. January 2011 : VIC Floods – 6,713 claims – current cost figures $83 million.

3. February 2011 : Cyclone YASI – 65,200 claims – current cost figures $967 million.

4.February 2011 : VIC Severe Storms – 41,247 claims – current cost figures $316 million.

5. February 2011 : WA Bushfires – 410 claims – current cost figures $35 million.

6. March 2010 : Perth Storms – current cost figures $1.053 Billion.

7. March 2010 : Melbourne Storms – current cost figures $1.044 Billion.

8. February 2009 : VIC Bushfires – current cost figures $1.070 Billion.

9. June 2007 : Newcastle Storms – current cost figures $1.480 Billion.

10. April 1999 : Sydney Storms – current cost figures $3.3 Billion.

11. March 1990 ; Sydney Storms – current cost figures $1.470 Billion.

12. December 1989 : Newcastle Earthquake – current cost figures $4.296 Billion.

13. February 1983 : Vic Bushfires – current cost figures $1.307 Billion.

14. January 1974 : Brisbane Floods –  current cost figures $2.095 Billion.

15. December 1974 : Cyclone Tracey Darwin NT – current cost figures $3.655 Billion.

Presently the Newcastle Earthquake ranks as Australia’s most expensive catastrophe. But we still think $3.655 Billion extrapolated out to 1989 equivalent dollars still means Darwin ranks as the most severe.

 

 

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