Australasia
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The assistant treasurer is also due to review the Australian cyclone pool. -
Losses were primarily driven by personal property lines.
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The firm has also updated the loss-calculation engines of existing Jeannie tools.
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Nat-cat events triggered A$1.36bn of losses during the year.
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The carrier’s profit grew 34% for the year to A$1.35bn.
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The carrier cited elevated cat and large-loss activity, including the LA wildfires.
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The broker noted a “significant variation” in renewal outcomes.
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In April, the loss modeller pegged losses at A$2.57bn.
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Almost 50,000 people have been forced to evacuate.
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Tropical Cyclone Alfred and Queensland flooding brought thousands of claims.
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The carrier incurred claims from LA wildfires and flooding in Queensland.
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The storm made landfall in Queensland, Australia at the beginning of March.
