Economic cost of Australia storms to...
March 10, 2010
TOTAL economic losses from the series of thunderstorms which hit the Australian state of Victoria at the weekend are estimated to be in the region of A$1bn. The severity of the storms has meant a number of notable landmarks in Melbourne have sustained damage, including Docklands Stadium and the National Gallery of Victoria. Tennis-ball sized hail and winds of up to 100km/hour have led to at least 40,000 claims being filed, with an insured bill of at least A$200m, according to the Insurance Council of Australia. According to an Aon Benfield catastrophe report on the storms, the total economic and insured bill will approach A$1bn. The same storm system which triggered the hail and flooding in VIctoria was responsible for storms in parts of Queensland and New South Wales last weekend. As reported in yesterday’s Insurance Day, ICA has estimated these storms will...