NU Online News Service, Feb. 3, 2:48 p.m. EST
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.
Simultaneously, catastrophe modeler EQECAT said it expects economic losses from Tropical Storm Yasi—which made landfall early Thursday in Queensland, Australia as a Category 5 storm—to be $2 billion to $5 billion. EQECAT based its estimate on the losses of a similar storm, Larry, in 2006.
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