Cyclone Debbie Insurance Loss Rises

The projected costs of the Cyclone Debbie insurance bill has risen from $1.1 billion to $1.4 billion.   The damage from the cyclone was initially projected by insurance broker Aon Benfield (FM April 2017) to be $1.26 billion. However Perils AG, which provides insurance market data in relation to natural disasters, reported the 26% increase after more information on loss impacts became available. The costs of Cyclone Debbie are now the same as Cyclone Yasi, and Perils AG is due to provide another an update in September 2017 which could possibly see the costs rise even further. (read more here)