Australia investigates post-flood insurance availability
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CANBERRA, AustraliaThe Australian government has launched a review of the nation’s disaster insurance after a series of catastrophic floods.
A three-member panel will conduct the review and report its findings by the end of the year, Assistant Treasurer Bill Shorten said Friday in a statement.
The review will examine, among other things, the ability of the insurance market to offer adequate and affordable insurance for floods and other natural disasters; measures that could improve the insurance market’s ability to offer such coverage, and whether there is the need for a government-backed disaster insurance or reinsurance plan.
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CANBERRA, Australia (Reuters)—Australian insurers expect to pay out more than $2 billion Australian ($2 billion) for damage caused by deadly floods in the country's northeast this year while Cyclone Yasi could cost another $500 million Australian ($507 million), the Insurance Council of Australia said on Wednesday.
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