Cyclone Debbie costs could reach ‘hundreds of millions of dollars’

The Insurance Council of Australia (ICA) said that Tropical Cyclone Debbie triggered 7,500 claims and that insurance losses could reach into the hundreds of millions of dollars as householders and businesses return to their properties and lodge claims.

Cyclone Debbie made landfall on March 28 in Queensland, Australia as a Category 4 severe tropical cyclone.

The ICA has declared a catastrophe for damage caused by Cyclone Debbie which triggers additional measures such as the activation of a hotline and the establishment of a taskforce.

The ICA has now expanded its latest catastrophe declaration to include areas hit by the remnants of Tropical Cyclone Debbie as it moves south.

“This level of catastrophe has not been seen since ex-Tropical Cyclone Oswald in 2014, when storms and flooding affected large parts of Queensland and NSW and caused insurance losses of almost $1.2 billion,” said ICA CEO Rob Whelan.

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