Munich Re forecasts higher Australian bushfire risk
Munich Re sees an increasingly risky time ahead for bushfire-prone areas of Australia.
A new report from the reinsurer says Victoria’s February bushfires show insured losses of $US770 million ($931 million) and overall losses of $US1.3 billion ($1.57 billion). That ranks them fifth in Munich Re’s list of costly first-half natural catastrophes.
Head of Geo Risks Research Peter Hoeppe says the company is maintaining a “cautious outlook” for future high-intensity bushfires.
“These were Australia’s worst bushfires for decades,” he said. “Due to climate change, heatwaves with long periods of drought, and consequently the risk of such fires, will further increase in future.”
Full report in INTERNATIONAL.
A new report from the reinsurer says Victoria’s February bushfires show insured losses of $US770 million ($931 million) and overall losses of $US1.3 billion ($1.57 billion). That ranks them fifth in Munich Re’s list of costly first-half natural catastrophes.
Head of Geo Risks Research Peter Hoeppe says the company is maintaining a “cautious outlook” for future high-intensity bushfires.
“These were Australia’s worst bushfires for decades,” he said. “Due to climate change, heatwaves with long periods of drought, and consequently the risk of such fires, will further increase in future.”
Full report in INTERNATIONAL.