This was supposed to be good, dry El Nino year for insurers
Key Points
- Wild weather in SE Qld and NSW has compounded damage in N Qld.
- An El Nino dry period typically means lower levels of insurance claims.
- The year had been relatively benign until December, when storms and floods hit.
Insurers’ hopes that a dry El Nino period would mean lower wild-weather damage have been dented following a late spate of fatal, freak storms and cyclone-induced flooding.
Suncorp, one of Australia’s biggest insurers of cars and homes with brands including AAMI, on Wednesday revealed that 19,000 claims have been lodged since late November, from inundated homes in north Queensland to damaged property on the Gold Coast.
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