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Australia: Cyclone Marcia bill busts A$400 mln

Source: Asia Insurance Review | Apr 2015

Claims from Cyclone Marcia in Queensland have risen above A$400 million (US$305 million). An influx of claims for losses to businesses following Cyclone Marcia, which made landfall on 20 February in Queensland, has increased the reserved value of insurance losses to A$403.6m from 29,565 claims. 
The Insurance Council of Australia (ICA) said 7% of the latest claim numbers were for commercial insurance, but they also represented 26% of the dollar value of claims.
Suncorp has absorbed a lion’s share of the damage, up to $150 million worth and 10,000 claims. Customer-owned RACQ Insurance, another big insurer in the region, has recorded 3,978 claims, for homes and cars. No dollar figure is available yet.
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