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The Australian carrier has also modestly increased its reserves for Covid-19 BI claims.
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Insurers already face A$40mn in claims, a level set to rise and potentially affect reinsurance.
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The withdrawal of governmental support could be costly for (re)insurers on multiple fronts. -
The carrier has set aside $13mn to pay coronavirus claims at its international unit.
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Of the largest insured losses from single events last year, the top eight occurred in the US.
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Proposed changes intend to improve efficiency of the scheme and increase uptake of flood cover.
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The analyst predicts the insurance sector could experience its best performance in nearly a decade.
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The event was the third Australian hailstorm event of 2020 reported by the data aggregator.
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Cyber risk management platform CybSafe has raised £5.6mn ($7.9mn) in a Series A1 funding round.
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The industry should expect similar losses in any given year, BMS vice president Andrew Siffert said.
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Hurricanes Laura, Delta and Zeta made landfall in the state during a record-breaking hurricane season.
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Last year’s season was “unprecedented” in terms of frequency, but not in terms of severity.
