News eDaily26 Apr 2017

Australia:Cyclone Debbie's insured losses cross US$500-mln level

26 Apr 2017

The Insurance Council of Australia has said insurance losses from last month's cyclone and flooding had reached A$700 million (US$528 million), with more than 45,000 claims.

The insured losses are expected to mount further, as global reinsurer Swiss Re earlier this month estimated that the total insured market losses from the cyclone would reach US$1.3 billion.

Tropical Cyclone Debbie made landfall on 28 March as a category 4 hurricane; making it the strongest cyclone to hit Australia since 2015. The eye of the storm came ashore near Airlie Beach on the north Queensland coast, with estimated 10-minute sustained winds of close to 200km/h. The main disaster zone stretched more than 990 km from the point of landfall, reaching northern New South Wales.

Queensland's Treasurer Curtis Pitt said that the Cyclone Debbie's loss to public coffers through damage to public infrastructure and property alongside compensation payouts to homeowners and producers would be an estimated $1.5 billion, Mr Pitt said, on par with Cyclone Oswald in 2013, reported ABC.net.au. The state will absorb that in the June budget and the Queensland government waits to be reimburse by the Federal Government's Natural Disaster Relief and Recovery Arrangements. Mr Pitt said the eventual net cost to Queensland is predicted to be A$500 million.


 

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