Flood May Be Costliest Australian Disaster in History
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The Queensland floods may cost insurers and reinsurers worldwide as much as $6 billion in what might be Australia’s costliest disaster in history.
Insured losses from this week’s deluge in and around the capital Brisbane may be as high as $4 billion, while damage from floods further north late last year may cost $2 billion, according to Milan Simic, managing director of catastrophe modeler AIR Worldwide.