Cyclone Debbie, the strongest cyclone to hit the Australian region since 2015, has prompted Swiss Re to make an estimate of US$350 million in losses, net of retrocession and before tax. Total insured market losses for wind, flood, and storm surge damages, meanwhile, are estimated to be approximately US$1.3 billion.
Cyclone Debbie, which left a trail of destruction in northern NSW and Queensland, is believed to have resulted in a higher share of large commercial and corporate losses compared to similar events in the past, Swiss Re said in a statement.
“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.
Weber said the company will be working closely with its partners and clients to provide cyclone-affected residents with financial support to recover from the disaster.
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A global re/insurance firm has placed a number on its claims burden for the category four hurricane that made landfall in Australia on March 28.