NATURAL DISASTERS IN AUSTRALIA

severe storms and tropical cyclones, earthquakes, tsunamis and landslides.
Major natural

catastrophes are a heavy burden even to successful economies like Australia’s. Data from 2017 indicates that 97% of disaster funding is spent on post-disaster relief and recovery, with only 3% is invested in mitigating a disaster before it happens.

How much can Australia's economy withstand?

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Man-made climate change, coupled with exposure development, will significantly alter the insurance industry's risk maps of Australia and New Zealand over the coming decades.
While the effects of climate change are still emerging, the question arises as to what we – both insurers and society – need to do to be ready for the future. Below is a brief summary of the current and projected situation for the region:
Changes in severe thunderstorms
More intense tropical cyclones
Circulation changes and less rainfall over southern Australia
Decrease in total rainfall 
Changes in flood hazard
More extreme drought events in Australia
Growing bushfire hazards in Australia

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Severe convective storms and hail - Icy cricket balls from above

Losses from severe convective storms, in particular from hail, represent the most frequent and (on an annual aggregate basis) the highest losses for the insurance industry in the entire Australian natcat business. Seven of the ten most expensive (inflation-adjusted) insured convective storm losses in Australia have occurred within the last 10 years. 
Over the last 39 years, the accumulated losses (all in Australian CPI-adjusted values for 2018) from severe convective storms total around A$ 20.5bn for insured losses and A$ 33.6bn for direct economic losses. Compared to other perils in Australia, only losses from flood events reach similar dimensions. In terms of frequency, losses from severe convective storms make up about 50% of all loss-producing natural hazard events that occur in Australia.

aware of. Major floods frequently isolate towns, create major disruptions

to road and rail links, and can cause death. Widespread damage to houses and business premises as well as losses in agriculture are common. Practically every year there are flood losses, sometimes with devastating consequences.
Despite regular loss events, the consequences of flooding are still often underestimated – both in Australia and around the world.

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CYCLONES IN AUSTRALIA

Severe cyclones in Australia rarely reach the east coast of southern Queensland - the last time was in the 1970s. However, current climate change predictions and increasing concentrations of values are making risk researchers sit up and take notice, because should a storm event occur, the consequences could be devastating.

animals.

BUSHFIRES – AUSTRALIA ON FIRE

temperatures, low relative humidity and strong winds, which combine to

create ideal conditions for the rapid spread of fire. Severe fire storms are often named according to the day on which they peaked, including the five most deadly blazes: 
Black Saturday 2009 in Victoria (173 people killed, 2000 homes lost);
Ash Wednesday 1983 in Victoria and South Australia (75 dead, nearly 1900 homes); 
Black Friday 1939 in Victoria (71 dead, 650 houses destroyed), 
Black Tuesday 1967 in Tasmania (62 people and almost 1300 homes);
Gippsland fires and Black Sunday of 1926 in Victoria (60 people killed over a two-month period). 
In January 2020, it was estimated that over 1.25 billion animals have died in the 2019-2020 Australian bushfire season.

cause of insured property loss from natural hazards after severe

thunderstorms. Victoria is the most exposed state, but the risk is also high in other regions like the suburbs of Sydney in New South Wales.
Bushfires are an intrinsic part of the natural ecology of the Australian landscape. The eucalyptus – the archetypal Australian plant – is particularly fire prone on account of its high oil content. In the southern part of the country, the dry months in summer are the most dangerous time, especially after rain has increased vegetation growth in the preceding winter. Unfortunately, the region most prone to major bushfires, southeast Australia, also has the highest concentration of people and insured values.

Bushfires in Australia

first glance, this appears to be a much more comfortable

situation than in New Zealand, Japan or the United States. However, on closer examination the picture looks different: earthquakes in Australia could cause insured losses in the same order of magnitude as in the highest-exposed regions worldwide.
Australia is not known to be an earthquake hotspot – but neither was Christchurch in New Zealand. As it turned out, in Christchurch in 2010/2011 an unexpected series of severe earthquakes with a magnitude of up to 7.1 surprised even the experts and destroyed large parts of the city – it was one of the most expensive insured natural catastrophes in history.

Earthquakes in Australia

natural disaster management, the Australian Business Roundtable aims to support

the development of a more sustainable, coordinated national approach to making communities more resilient and the Australian people safer. Munich Re is among the founding members.
The Australian Business Roundtable for Disaster Resilience & Safer Communities (ABR) was formed in December 2012 by the Chief Executive Officers of the Australian Red Cross, Insurance Australia Group, Investa Property Group, Munich Re, Optus and Westpac Group. The CEOs created the Roundtable because they all consider having resilient communities that can adapt to extreme weather events to be of national importance. This is the first time such a broad spectrum of organisations has come together to champion this issue.