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The Insurance Council of Australia said that recent catastrophes have caused about $2.4 billion Australia ($1.7 billion) in insured losses, exceeding initial loss estimates, Artemis.bm reports. The council said that the hailstorm which struck Sydney on Dec. 20, 2018, caused about $1.2 billion in insured losses, the Queensland floods' insurance tab rose to AUD 1.1 billion and the Bunyip bushfires caused nearly AUD 20 million of losses.