Australia’s insured cat losses drop 25%

Australia’s insured losses from natural catastrophes fell 25% year on year to 1.97 billion Australian dollars ($1.3 billion) in 2024–25, even as the number of claims dropped only 7%, according to the Insurance Council of Australia, Reinsurance News reports. Declared events during the fiscal year that ended Sept. 30 include the North Queensland Floods (AU$289 million in insured losses), Ex-Tropical Cyclone Alfred (AU$1.43 billion), and the Mid North Coast and Hunter floods (AU$248 million).