Queensland Flood Damage Within Capacity of Insurers

Insured losses triggered by flooding across Queensland are “modest” and well within the capacity of the nation’s insurance companies, said Robert Whelan, chief executive officer of the Insurance Council of Australia.

“Although this is a very major weather event, from an insurance point of view it’s still fairly moderate,” Whelan said in an interview with Bloomberg News today in Sydney. “While this is still significant, it’s not one of the more major events we’ve had to deal with over the last 12 months.”