Swiss Re puts Cyclone Debbie claims at $350m, total insured market losses at $1.3bn

Swiss Re has reported its claims estimate for tropical Cyclone Debbie at around $350 million.

Debbie made landfall in Queensland and New South Wales, Australia, on March 28 as a Category 4 hurricane, the strongest cyclone to hit the Australian region since 2015.

Swiss Re expects Cyclone Debbie to have resulted in a higher share of large commercial and corporate losses compared to similar events in the past. The total insured market losses for wind, flood and storm surge damages are estimated to be approximately $1.3 billion.

"This destructive cyclone caused structural damage by flooding, storm surge and wind in regions close to the Queensland coast," said Matthias Weber, Swiss Re's group chief underwriting officer.

"We are a lead reinsurer in this market and estimate that Cyclone Debbie has caused higher commercial and corporate losses compared to similar events in the past. We express our sympathies to those affected and will continue to work closely with our partners and clients to ensure that people receive the financial support they need to clean up and rebuild after this tragic event."

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