NU Online News Service, Jan. 13, 2:50 p.m. EST
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.
Estimated overall insured losses have not yet been issued. Catastrophe modeler AIR Worldwide said residential flood coverage varies by insurer and location, but in many areas, additional premium is minimal while penetration can be significant. Deductibles can be as high as 50 percent, AIR said. For commercial risks, AIR said flood coverage is included in many policies, though previously-flooded properties could be subject to higher premiums.
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