Statistical analysis of Australian insurance losses from historical catastrophic disasters

Abstract

: Thousands of natural disasters affect communities around the world yearly, causing catastrophic damages and a widespread impact on society. The extent and unpredictable nature of such disasters not only have a major social impact but also affect economic outputs, availability of resources and everyday business operations. For example, recent events such as the 2023 Turkey-Syria Earthquake and the 2022 Hurricane Ian, have put a global insight into the major losses and financial and human repercussions caused by such catastrophes. Australia is not spared from being affected by a multitude of natural disasters, including bushfires, floods, and cyclones. These disasters represent an extreme risk across Australia, causing irreparable damages to the natural environment which lead to major insurance losses for Australians yearly. Families and individuals are subject to losing valuable, irreplaceable assets, such as their homes and livestock, and face difficulty in recovering and resuming with their everyday lives.