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Floods cause $715 million in insured losses


Rob Whelan, chief executive of the Insurance Council of Australia, said that recent floods caused an estimated $1 billion Australia ($715 million) in insured losses in the state of Queensland, Brisbane Times reported. The city of Townsville alone saw AUD $606 million in flood-related claims. Data from environmental organization AgForce Queensland showed that the floods killed half a million cattle and cost farmers about AUD 500 million.

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