PERILS, the independent Zurich-based organisation providing industry-wide catastrophe insurance data, yesterday disclosed its fourth and final industry loss estimate for the Australian bushfires of 2019/2020.
The final estimate of the insurance market loss is A$1,866m ($1,451m). This compares to the third loss estimate of A$1,861m which was issued by PERILS on 6 July 2020, six months after the event.
The PERILS loss number covers the Property and Motor Hull lines of business. The industry loss data cover the peak period for the bushfires which occurred during the turn of the year 2019/2020. The figure is based on detailed loss data collected from the majority of the Australian insurance market.
The 2019-20 bushfires affected the entire continent and resulted in 33 fatalities and an estimated 24m hectares of burnt land between September 2019 and March 2020.