Extreme Weather Conditions Triple Insurance Claims in Australia

Insurers paid customers affected by extreme weather events an average of $2.1 billion ($1.4 billion) annually over the past three decades, signifying how climate change has affected the economy. Insured losses from declared insurance catastrophes also grew from 0.2 percent of GDP from 1995 to 2000 to 0.7 percent for the last five years, the Insurance Council of Australia’s (ICA) Insurance Catastrophe Resilience Report 2023-24 showed. According to the report, insurers incurred $2.19 billion in claims from extreme weather events last year, the same amount as the previous year. However, the body also observed 157,000 claims for the last 12 months, which is 66,000 more than in the previous period....