Australian estimated flood losses double to $2 billion

The Insurance Council of Australia has essentially doubled the estimated insured losses arising from the Queensland floods to $2 billion. Preliminary estimates fell into the $150-million range, and by Jan. 31, 2011 ICA increased its estimate to $1.15 billion. To date, 43,755 claims have been received, insurers have completed 77% of initial claims assessment, and $201 million has been paid to policyholders already, an ICA release says.The council says large commercial/industrial and mining claims are now being reported, accounting for the increased loss estimate.