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Member, Beacon International Group, Ltd.
The Insurance Council of Australia has extended the insurance catastrophe declaration for recent severe storms, heavy rainfall, and flooding to include New Year storms, as the number of claims grow and Suncorp Group Ltd. highlights its reinsurance protection, Artemis reported. Suncorp noted that it is too early to forecast its losses and the cost of these ongoing weather events in Australia, but it still expects to be able to manage those that fell within 2023 under its natural hazard allowance of $680 million for the half year to December 2023.