Wildfire Challenges Manageable for Australian P&C in Q1 2020
Australian insurers will likely face close to AUD 2 billion in catastrophe claims during Q1 2020 due to wildfires and hail storms. Despite the large geographic areas impacted, current estimates of insured losses should remain manageable for Australian property and casualty (P&C) insurers. We anticipate that losses will mostly impact profitability in 2020 rather than capitalization. However, the growing frequency and severity of natural catastrophes in Australia (and in many other countries) will create additional challenges for the industry, which might restrict coverages or make insurance protection unaffordable in certain zones.
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