Aon Benfield said economic damages from flooding in Australia during the month of January currently stand at about $5.65 billion and economic losses could reach between $10 billion and $20 billion after the cost of repairing and rebuilding.
As waterlogged Queensland, Australia, braces for another round of flooding, the Insurance Council of Australia (ICA) raised its estimate of industry losses to $1.5 billion from previous flooding to the same area.
Flooding in the Australian state of Queensland has intensified over the last few days as rainfall in January has compounded problems caused by rain and a tropical cyclone in late December, and insurers are reporting increasing claim counts.
In a note to investors, a J.P. Morgan analyst said losses to the insurance industry due to extreme flooding in Australia stand at an estimated $1 billion.
In a note to investors, a J.P. Morgan analyst said losses to the insurance industry due to extreme flooding in Australia stand at an estimated $1 billion.
Modeler Risk Management Solutions (RMS) said most of the losses from the earthquake in New Zealand will be residential, with a majority being paid out by the Earthquake Commission.
In a new report, Celent Model Insurer 2010: Case Studies of Effective Technology Use in Insurance, Celent recognizes 27 insurance technology initiatives as Model Insurer Components.
As manager of group budgeting and forecasting for Suncorp, John Herrmann had a goal for the Australian financial services company to get its multiple planning systems on a single platform. "That was m