News eDaily07 Nov 2017

Australia:Cyclone Debbie ranks as the 2nd most expensive cyclone

07 Nov 2017

Cyclone Debbie now ranks as the second most expensive cyclone in Australian history, and the most expensive cyclone to hit Queensland, with A$1 billion (US$766 million) paid in insurance claims and more than 85% of claims now closed.

In a statement yesterday on Cyclone Debbie, the Insurance Council of Australia (ICA) said that insurance losses have reached A$1.565 billion from 72,767 claims.

Since mid-September, a further 3,919 household and business claims have been lodged, adding A$89 million to the total losses. Despite the fresh lodgements, more than 85% of claims have been closed.

ICA CEO Rob Whelan said insurers had paid about A$355 million in repairs and services in the past six weeks alone, and the industry’s response to Cyclone Debbie claimants was the fastest on record.

“Insurers are injecting A$11.8 million each working day into affected communities stretching from the Whitsundays through to southern New South Wales,” he said. “The closure rate for Cyclone Debbie is running at least 15% ahead of any previous natural disaster."

The most costly cyclone on record is the 1974 Cyclone Tracy which cost A$4.1 billion in insurance losses in 2015 dollars. Cyclone Yasi, which struck in 2011, cost insurance losses of A$1.532 billion.

 

 

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