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The Insurance Council of Australia said that recent catastrophes including floods in Queensland and a hailstorm in New South Wales have caused about $2.2 billion Australia ($1.5 billion) in insured losses, SBS News reported. The council said that the February floods in Queensland cost insurers more than AUD 1 billion, the December hailstorm in New South Wales cost AUD 1.2 billion while bushfires in Victoria caused AUD 20 million in losses.