2023/24 Australian insurance claims total $2.2bn for extreme weather, with flooding causing the most damage; insurer profits remain flat despite premiums rising from $50bn to $86bn.
Insurers in Australia saw stable $2.2bn claims for extreme weather events like flooding in the 2023/24 financial year, with floods costing the most in natural disasters, affecting 1.2 million properties. Despite total premiums rising from $50bn to $86bn, insurer profits remain flat. The Insurance Council of Australia's CEO, Andrew Hall, calls for mitigation efforts citing that the impact of extreme weather on the economy has more than tripled in the past 30 years.
August 18, 2024
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