Tropical Cyclone Larry Insured Loss Estimates $65 Million

March 22, 2006

Preliminary reports of claims following the passage of Tropical Cyclone Larry through Northern Australia (See IJ Website March 21) have put insured losses at around A$90 million (US$65.6 million). According to reports around 4000 claims have so far been received.

While claims adjusters have been able to reach a number of stricken areas, and most power and phone services have been restored, there are still a number of the more remote areas in Northern Queensland that remain in accessible. Authorities said it might take some time before the full extent of the damages are known.

In addition to homeowners’ claims for structural damage to roofs, walls and windows, there have been a number of commercial claims as well as for damages and losses relevant to boats and private and commercial vehicles.

The total losses may be considerably higher, perhaps up to A$1 billion (US$729 million) when the full extent of damages to crops and infrastructure are calculated.

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