Insurance claims from floods in Australia soar
By IANSFriday, February 11, 2011
SYDNEY - Insurance claims following Australia’s devastating floods in Queensland have reached the $2 billion mark, a media report said Friday.
The Insurance Council of Australia (ICA) Friday released a brief statement outlining the latest claim figures for the December-January floods, The Age newspaper reported.
The council says 43,755 claims had been received. These include large commercial, industrial and mining claims responsible for the increase in the estimated value of the claims.
The ICA says insurers have completed 77 percent of the assessments for initial claims, and $201 million has been paid to policy holders thus far.
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