Heavy rains, floods cause nearly $120 million in insured losses
Posted On: Feb. 11, 2019 4:47 AM CSTThe Insurance Council of Australia said that recent heavy rains and floods in Townsville in Queensland have caused $117 million in insured losses so far, Asia Insurance Review reported. U.S.-based S&P Global Ratings Inc. said that Australian insurers have sufficient capacity and reinsurance to settle flood-related claims.