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Australian Insurance Industry Financially And Operationally Well Placed To Respond To Victorian Bushfire Disaster Feb 09
Standard & Poors, Feb 2009
Abstract
MELBOURNE (Standard & Poor's) Feb. 10, 2009-- Standard & Poor's Ratings Services said today that the Australian non-life (general) insurance industry is financially and operationally well placed to respond to the current Victorian bushfire disaster. The bushfires (also called wildfires in some markets) have now burned for four days with tragic loss of life and devastation to rural townships and communities. While loss information is still emerging, reports so far indicate that more than 750 properties have been destroyed, more than 170 lives lost, and 360,000 hectares burnt. Affected areas include Kinglake and Marysville (northeast of Melbourne) and locations in Gippsland and near Bendigo. The scale and intensity of this disaster will place it among Australia's worst natural catastrophes--it may...
Companies mentioned in this report are: QBE Insurance Group Ltd.,Suncorp Metway Insurance Ltd.,Wesfarmers General Insurance Ltd.,Allianz Australia Insurance Ltd.,Wesfarmers Federation Insurance Ltd.,Insurance Australia Group Ltd.
Action: General Comment
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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