Fitch warns Australian flood losses could "escalate substantially"
Fitch Ratings believes most of Australia's major non-life insurance companies have "reasonable protection" against the floods in Queensland and Northern New South Wales through catastrophe reinsurance.
"Initially, insured losses appeared to have been relatively low given that the areas affected were less densely populated," commented John Birch, Director at Fitch Ratings.
"However, with the floods
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