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Summer catastrophes in Australia have cost insurers over $515 million Australian ($360 million), reports Trading Room citing Australian Associated Press.
These catastrophes include a tornado in Sydney in early January that cost insurers more than AUD 202 million; bushfires in Pinery that cost AUD 170 million; bushfires in Victoria's Great Ocean Road that cost AUD 86 million; and Yarloop bushfires, the costs of which have surpassed AUD 57 million. Losses from other small events are not included in the AUD 515 million figure, said the Insurance Council of Australia.