Cyclone Nathan targets Queensland, Australia with Cat 4 landfall

Tropical cyclone Nathan is heading for a landfall on the northern Queensland coast as a strong category 4 storm, with damaging and potentially dangerous winds and storm surge expected on Friday in the early hours. Tropical cyclone Nathan has been a very difficult storm for forecasters to predict, as it made read the full article →

Above average tropical cyclone season predicted for Australia

Australia could be at risk of more severe flooding this year as experts predict an above average tropical cyclone season for the region. The Australian Bureau of Meteorology posted their tropical cyclone season outlook recently and are urging people to prepare for the rainy season as climate models point to read the full article →

Queensland flooding insured losses now at $3.9 billion

Insured losses from the flooding in Queensland, Australia have resulted in US$3.9 billion in claims so far according to the Insurance Council of Australia (ICA). The organisation revealed figures today showing that the insurance industry had assessed over 118,000 claims valued at AU$3.6 billion (US$3.9 billion). 97% of all claims have read the full article →

Queensland to look at disaster reinsurance cover

The government of Queensland, Australia has bowed to pressure from sources within the government and local ministers and agreed to at least look into the cost of purchasing disaster reinsurance to cover catastrophes such as the  flooding and cyclones which have affected the region this year. When the floods and cyclone read the full article →

Catastrophe bonds advised for Australia says Swiss Re

With the Australian government seeking to impose a disaster tax on its population to help pay for the damage caused by the severe floods and cyclone Yasi in Queensland talk has turned to what the government should really be doing to ensure it has financial protection against natural disasters. Now read the full article →

Insured loss from Cyclone Yasi could be as much as $1.5 billion says AIR

Insured losses from Cyclone Yasi could rise to as much as $1.5 billion according to AIR Worldwide's initial estimate. Cyclone Yasi struck Queensland, Australia on Wednesday 2nd Feb bringing 300km/h winds and storm surge along the coastline. This loss on top of the expected losses from the flooding suffered in read the full article →

Cyclone Yasi batters Queensland, ILWs trade on approach

Cyclone Yasi bore down on the Queensland, Australia coast yesterday and battered the coastal towns of Tully, Mission Beach and Cardwell where hundreds of homes have been destroyed. Cairns and Townsville, the nearest larger population centres, were left largely unscathed thanks to a change in the cyclones track as Yasi read the full article →

Queensland facing further natural catastrophe losses from Cyclone Yasi

Insured losses from natural catastrophes in Queensland, Australia look set to jump following the landfall of Cyclone Yasi today on the coast. The storm, one of the strongest ever to approach the coast in that part of Queensland, made landfall carrying winds of up to 300km/h and was forecast to read the full article →

Bermuda reinsurers earnings could be at risk due to Australia floods

We wrote last week that the insured loss estimates for the recent Queensland, Australia floods, combined with the flooding in December in Australia were now being touted as around $6 billion. Now, Business Insurance reports that a Barclays Capital analyst has suggested they could top $6 billion (particularly likely now read the full article →

Queensland flood insured loss estimates rise, could be $6B

Damage and insured loss estimates for the flooding in Queensland, Australia are varying wildly as people attempt to quantify the enormity of the disaster that has struck. Our article yesterday which discussed S&P's bulletin that said losses to insurers would exceed A$1 billion looks like a major underestimate as more read the full article →