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Insurance Price Tag for Australia’s Record-Breaking Floods Estimated at A$3.35B: ICA

The storms and floods that hit South-East Queensland and coastal New South Wales in February and March are likely to be Australia’s costliest floods on record, according to the Insurance Council of Australia (ICA).

Using updated data, the ICA said that by analyzing actual claims costs from 197,000 claims across both states, the event is estimated to have cost A$3.35 billion (US$2.4 billion) in insured losses.

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