Insured losses from floods near $4 billion

Australian insurers are estimating $5.5 billion Australian ($3.7 billion) in insurance claims related to the New South Wales floods, which have now become the most expensive natural disaster in Australia’s history, Republic World reported citing The Guardian and ABC News. Andrew Hall, chief executive of the Insurance Council of Australia, said that several towns in New South Wales have seen repeated flooding and have now become uninsurable.