AUSTRALIA – Australia bushfire losses mount

Bushfires that ravaged New South Wales earlier may inflict losses of USD139 million on the insurance industry, the Insurance Council of Australia said on recently. The bushfires began on 17 October and destroyed over 200 homes in the Blue Mountains, raising fears the outskirts of Sydney could come under threat, and prompting the New South Wales authorities to declare a state of emergency. Ninety percent of the properties affected have been assessed, and 1,041 claims have been filed with insurers, the ICA said.