2014-02-04 09:23:03 - Reinsurance in Australia, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com
During 2011â2012, the Australian reinsurance segment recorded an increase in reinsurance rates due to the catastrophic events that occurred during 2010â2011. Australia was affected by eight large-scale natural disasters in 2010: five floods, a tropical cyclone and two major storms. The worst of these were the Queensland floods that occurred in December 2010. Other regions affected by floods in 2010 were New South Wales, Victoria, South Australia and Western Australia. Again in February 2011, Northern Queensland was affected by Cyclone Yasi, followed by further flooding in Victoria in 2012.
The result of the high frequency of natural disasters over these two years was an increase in reinsurance premium rates, which rose by 75% between 2010 and 2012, fueling growth in the
overall reinsurance segment. Despite the impact of natural disasters, the reinsurance segment recorded a profit during the review period. The segment grew at a CAGR of 0.1% during the review period. The written premium of the reinsurance segment is projected to record a CAGR of 6.8% over the forecast period.
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