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Despite the destructive force of Cyclone Larry upon Queensland, Australia, the storm is expected to be a moderate insurance event, said Standard & Poor’s Ratings Services.

Cyclone Larry, which hit far North Queensland on March 20 with sustained winds of 125 mph, is a major disaster for the region, its people and infrastructure, said S&P. But insured losses at this stage are estimated to be between $300- and $400 million Australian ($214-to-$286 million U.S.). The estimate includes reinsurance losses.

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