Extreme Weather Drives $1.8 Billion in First Half Losses for Australian Insurers
Extreme Weather Drives $1.8 Billion in First Half Losses for Australian Insurers
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Extreme weather events in Australia have resulted in significant financial impacts for insurers, tallying $1.83 billion in losses during the first half of the year.
This comes as insurance companies gear up for further claims linked to ongoing severe weather in New South Wales.
The recorded losses up to June 30 comprise $1.36 billion attributed to Ex-Tropical Cyclone Alfred, $274 million from the North Queensland floods, and an additional $194 million from the floods in the NSW Mid North Coast and Hunter regions that occurred in May. The Insurance Council of Australia (ICA) has indicated a total of 148,437 claims, with Cyclone Alfred accounting for the bulk at 125,656, followed by 11,547 claims from the NSW floods and 11,234 from those in Queensland.
In a statement today, ICA's Director of Mitigation and Extreme Weather Response, Liam Walter, underscored the gravity of the situation developing in NSW, encouraging residents along the coast to heed instructions from emergency services. Walter emphasised the insurance sector's readiness to aid communities in distress.
As of this morning, NSW State Emergency Service has managed over 2320 incidents due to severe weather phenomena, with a coastal low moving from Newcastle towards Sydney, the Illawarra, and South Coast. Notable rainfall measurements include 150mm accumulations overnight in several areas, and Ulladulla witnessed 224mm.
Emergency advisories have been announced for Burrill Lake, impacting approximately 200 properties, and for Sanctuary Point. Wamberal and North Entrance residents face potential evacuation due to coastal erosion concerns. The Bureau of Meteorology warns of peak wind gusts reaching 100km/h along the coastal stretch from the South Coast to the Mid North Coast, covering regions such as Wollongong, eastern Sydney, and Newcastle.
Flood warnings remain in place, ranging from minor to moderate, for the Hawkesbury and Nepean rivers, as well as for the St Georges Basin, with a minor alert for Shoalhaven River. Wind conditions are anticipated to fall below alarming levels by tomorrow morning as weather conditions stabilise.
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