BILL FOR CANBERRA BUSHFIRES MAY TOP A$250M

Bushfires affecting the Australian Capital Territory (ACT) in January are likely to cost insurers A$257m, making the fires one of the most expensive natural disasters for the insurance industry in the country’s history. Australia’s Insurance Disaster Response Organisation said insurers had paid more than A$54m in claims from the fires by the middle of last month, plus another A$10m to cover losses from the bushfires in Victoria. The most expensive Australian disasters for insurers were the Newcastle earthquake in 1989 (costing A$1124m at current values) and Cyclone Tracy in 1974 (A$837m). The ACT fires are now ranked in eighth place.