4 April 2017Insurance

Cyclone Debbie insured losses reach A$306m so far: ICA

The Insurance Council of Australia (ICA) has estimated the insured losses from Tropical Cyclone Debbie at A$306 million (approximately $231.3 million) as of April 4, 9:00 AM local time.

According to a statement by the council, insurance companies have received 28,000 claims from distraught policyholders across Queensland and New South Wales so far.

Cyclone Debbie made landfall on March 28 in Queensland, Australia as a Category 4 severe tropical cyclone, and was declared a 'catastrophe' by ICA.

The ICA said earlier that a level of catastrophe similar to the one caused by Cyclone Debbie has not been seen since ex-Tropical Cyclone Oswald in 2014, when storms and flooding affected large parts of Queensland and NSW and caused insurance losses of almost A$1.2 billion.

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Insurance
31 March 2017   The Insurance Council of Australia (ICA) said that Tropical Cyclone Debbie triggered 7,500 claims and that insurance losses could reach into the hundreds of millions of dollars as householders and businesses return to their properties and lodge claims.