Last Updated: Friday, January 15, 2016

Australian insurance companies pay AUD515m for recent natural disasters

Australian insurance companies have paid out 515 million Australian dollars (357.11 million U.S. dollars) in the country's four major natural disasters declared since November 2015.

Over the past seven weeks, significant wildfires continue to burn in the south and west of Australia while a tornado in Sydney caused destructive damage earlier in mid December, Xinhua reported.

"Insurers are paying out more than 1.3 million Australian dollars each working day in repairs, building works, settlements and assistance to policyholders just for these four disasters," Insurance Council of Australia chief executive Rob Whelan said in a statement on Friday.