Damages wrought by cyclone Debbie in Australia will cost the insurance industry billions, Swiss Re estimates – a significant portion to be shouldered by the Zurich reinsurer.
Insured damages from wind, storm and flooding linked to the cyclone earlier this year are likely to total $1.3 billion, the world's second-largest reinsurer, Swiss Re, said in a statement on Thursday.
The Zurich-based firm puts it own burden from claims at roughly $350 million before taxes, which translates to more than one-quarter of total damages.
Cyclone Debbie touched down in Queensland last month. Five people were killed as a result of the lingering tropical storm, which left 68,000 people without electricity. Clean-up efforts were hampered by heavy flooding.
Debbie caused heftier commercial and corporate losses compared to similar events in the past, according to Swiss Re' Chief Underwriter, Matthias Weber.
