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Insurers capable of managing claims from recent floods

Posted On: Oct. 19, 2022 10:03 AM CST

Flood risk

U.S.-based S&P Global Ratings Inc. said that Australia-based insurers will be largely able to manage claims resulting from the ongoing floods in southeast Australia, Asia Insurance Review reported. S&P said that the scale of this recent flooding is unlikely to trigger catastrophe reinsurance cover; however, the event is likely to erode insurers' earnings, slightly.