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Insured losses from Townsville flood rise to $850 million

Townsville, Australia, flood

The Insurance Council of Australia said that the Townsville area floods in February caused insurance and reinsurance losses of $850 million, Artemis reports. Insurers have closed 60% of the claims, and paid more than $521 million in repairs, rebuilding works, replacement items, services, business interruption, emergency accommodation and settlements.

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