Australian Insurers Brace for Summer of Extreme Payouts

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Australian Insurers face claims Australia wide from a summer of almost biblical extremes, from flood victims in north, fire in Victoria and South Australia, and drought and extreme heat in NSW.

Queensland with many parts of the state facing a massive clean up bill after another cyclone, in Igham, thousand of homes remain surrounded by water and the flooding rains are set to continue as more cyclones and storms are predicted. The States clean up bill is estimated to be $120 Million dollars and climbing.

In a recent survey, by accounting firm Deloitte Touche Tohmatsu, general insurers predicted profits would come under pressure after 2 bad years of weather related claims, with this likely to results in increases in premiums in 2009 & 2010

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