Bushfires that devastated parts of Victoria from January 7-13 caused $786 million in insured losses, Swiss catastrophe data company Perils estimates.

The fires burnt 400,000 hectares of mostly rural land, causing losses to property, livestock and infrastructure, and one death.

The Insurance Council of Australia declared a catastrophe on January 16. It was the state’s most destructive bushfire event since Black Saturday in February 2009, when 173 people died.  

“After six years of mainly ‘wet’ cat events in Australia – including floods, cyclones and severe convective storms – the 2026 Victoria bushfires serve as a reminder of the significant bushfire risk in Australia,” Perils product manager Luzi Hitz said.

“This time the death toll was much lower, in part due to the bushfires impacting less populated areas but also due to the rapid declaration of a state of emergency, early evacuations and extensive firefighting efforts.”

The loss total covers property and motor hull lines of business.

Meanwhile, Perils has lifted its estimate for losses caused by storms in NSW and Queensland last November to $2.95 billion, up from a forecast in January of $2.66 billion.

ICA declared the severe storms and hail from November 20-27 a catastrophe. Almost 85,000 claims have been received.

Perils Head of Asia-Pacific Darryl Pidcock says severe convective storms have caused $4.46 billion in losses this season. Late October storms cost $1.51 billion.  

“It is possible that this amount will increase further,” he said. “These events illustrate once again the significance of SCS as a major peril for the Australian insurance industry.”

Perils will update its estimates for the bushfires in April and the November storms in May.