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East coast storms cost insurance industry more than $41 million

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The Insurance Council of Australia has said that the recent east coast storms have cost the nation's insurance industry over $56 million Australian ($41 million), reports SBS.

Claims are still coming in and to date, ICA members have received 14,500 claims from across Tasmania, Victoria, New South Wales and Queensland. "While the storm front has moved past Queensland and NSW, heavy rains are still causing damage and flooding in more southern parts of Australia, especially in Tasmania," said Karl Sullivan, acting chief executive of ICA.

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