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The damage bill due to the catastrophic floods that inundated northern Queensland, and in particular the city of Townsville, between January 26 and February 10 has reached $1,041 million, according to PERILS’s second loss estimate.
The figure, which is based on loss data collected from affected insurers, covers the property line of business only. The independent Zurich-based organisation initially estimated the property loss for the Townsville flood event to be at $957 million.
PERILS will release an updated estimate of the market loss for the Townsville flood on August 12.
