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Townsville floods' insurance tab rises to $740 million

Posted On: Mar. 21, 2019 5:28 AM CST

Flooding in Townsville, Australia

The Insurance Council of Australia predicted that the final insured damage bill for the recent Townsville floods in Queensland would be around $740 million, reports. Rob Whelan, the council's chief executive, said that the losses have triggered some insurers including Suncorp Group Ltd.'s reinsurance layers.

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