Australia faces more flood losses

Insurers in Australia are once again being inundated with claims as another flood encroaches on parts of the Queensland and New South Wales states. 

Several thousand inundation-related claims have been received but it is still too early to estimate the insured losses, A.M. Best reported in its BestWeek.

Guy Carpenter suggested in a cat bulletin that the recent floods will have a smaller impact than the 2011 floods, which caused insured losses of roughly $2.5 billion.

According to A.M. Best, as of Feb. 3, insured losses from the recent floods are estimated to be $50 million.