Insurers paying $2 million a day in emergency support

Insurers paying $2 million a day in emergency support | Insurance Business

Insurers paying $2 million a day in emergency support
Insurers are paying $2 million a day in emergency support to those affected by Cyclone Debbie, the Insurance Council of Australia has revealed.

In its latest claims update, the ICA noted that 46,817 claims had so far been made with insured losses estimated at $413m and rising.

The latest claims estimate comes as Minister for Justice Michael Keenan announced further assistance for disaster affected communities.

Minister Keenan has made more assistance available through the jointly-funded Commonwealth-State Natural Disaster Relief and Recovery Arrangements (NDRRA).

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Assistance has now been extended to the local government areas of Gympie, Ipswich, Somerset and the Sunshine Coast to assist in clean-up operations.

The Queensland Minister for Police, Fire and Emergency Services, Mark Ryan, said that assistance for states and local councils to undertake restoration of damaged community infrastructure has also been extended to Worrabinda.

“Concessional interest rate loans, interest rate subsidies and freight subsidies for primary producers will also be available for the local government area of Livingstone,” Ryan said.

In its latest Impact Forecasting report, reinsurance giant Aon Benfield announced that Cyclone Debbie had helped increase global disaster costs over March.

Cyclone Debbie, alongside storms in the US, pushed the global disaster bill over US$2 billion, with the cost of Cyclone Debbie expected to continue to increase even further.

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