Australian insurers face $5.4 billion in bushfire claims

Extreme Weather

Australian insurers face $5.4 billion in bushfire claims

The wildfires have scorched Australia's insurance industry as costly climate change-related disasters grow more frequent Australia may have beaten the blazing wildfires earlier this year, but the aftermath still haunts its economy. According to insurers, climate change-related disasters have cost them more than $5 billion in 2020.  The costs of fires and other disasters linked to climate change is expected to rise, according to the second edition of Insurance Australia Group’s (IAG) “Severe Weather in a Changing Climate.” Mark Leplastrier, IAG’s executive manager, claims that a mere four climate catastrophes…

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