Cyclone Debbie, which tore through northern Australia in March and April, notched up $1.4bn in insurance and reinsurance losses, lower than some insurers had anticipated. The latest figures from the Insurance Council of Australia (ICA) account for 66,000 claims resulting from rainfall and flooding, which caused massive property damage. Reinsurer Munich Re said it had expected the losses to total $1.1bn, implying that claims will continue to roll in.
Cyclone Debbie, which tore through northern Australia in March and April, notched up $1.1bn in insurance and reinsurance losses, lower than some insurers had anticipated. The latest figures from the Insurance Council of Australia (ICA) account for 66,000 claims resulting from rainfall and flooding, which caused massive property damage. Reinsurer Munich Re said it had expected the losses to total $1.4bn, implying that claims will continue to roll in.