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Insured losses from Queensland’s summer of natural disasters have reached $3 billion, with about $15 million in claims paid out each working day since late February
According to the Insurance Council of Australia (ICA), insured losses from the state’s flood disaster have reached $2.31 billion and the bill for Cyclone Yasi is $868 million.
Nearly two thirds of the 100,000 claims lodged across Queensland have been generated by Cyclone Yasi.
Queensland economist Thor Lyster says the multimillion dollar insurance bill could help to bolster local economies in areas affected by natural disasters.
“For the Australian economy, there will be a hit to the insurers making some losses and then there will be a hit to the global insurers as well,” he said.
“But that’s not such a concern from an Australian point of view. If there’s any impact for north Queensland, it may be changes in insurance premiums.”
The ICA says the Queensland floods are the most expensive natural disaster since it started collecting statistics in 1967.
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