Australian insurance companies may face massive payouts from Cyclone Debbie

australia insurance companies cyclone debbie

The country’s Insurance Council has cautioned that damage could cost billions of dollars. The Insurance Council of Australia (ICA) has cautioned Australian insurance companies, businesses and residents that the damage from Cyclone Debbie is extensive and will be costly. In fact, the ICA declared it a catastrophe. There has yet to be a final estimate of what the damage total will be but previous ones have been in the billions. Over 90 percent of the residents of North Queensland are covered by some form of insurance policy. The majority of…

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Tropical Cyclone Rusty Makes Landfall; Brings Strong Wind Gusts

According to catastrophe modeling firm AIR Worldwide, with 1-minute sustained winds of 136 km/h and gusts to 170 km/h, Tropical Cyclone Rusty came ashore as a severe… tropical cyclone-a category 3 storm by the Australian system of cyclone classification (approximately equivalent to a category 1 storm on the U.S. Saffir-Simpson Scale). Rusty made landfall in Pardoo, which is located approximately 110 kilometers east northeast of Port Hedland. Rusty is weakening as it moves further inland, but still wind gusts of 165 km/h were expected near the center of the storm…

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Tropical Cyclone Rusty to Deliver High Winds, Heavy Precipitation and Flooding to Coast of Western Australia

According to catastrophe modeling firm AIR Worldwide, Tropical Cyclone Rusty formed only on Saturday, February 23, but grew rapidly and intensified due to… low wind shear (5-10 knots) and very warm waters off the northwestern coast of Australia (31-32° C). It is expected to intensify further as it approaches the coast as the upper level environment remains highly conducive for development. Rusty is expected to make landfall near Port Hedland around 6 p.m. WST on Wednesday Feb. 27 (5 a.m. EST, Wednesday 2/27) as a severe tropical cyclone-a Category 4…

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Homeowners insurance in Australia may see considerable increases

Australia Flood insurance homeowners

Some areas are being seen as higher risks for flooding, fires, and drought, among other perils. Australia is now experiencing some of the most fierce and extreme weather and natural events that have ever been recorded, causing many homeowners insurance customers to ask themselves whether they should expect to pay higher premiums in order to compensate from the increasing risks. The current summer in the country has been one of the most damaging single seasons on record. Many of the areas in the country faced scorching temperatures throughout the summer…

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