Home > Property & Casualty > Cyclone Yasi could cost $1.49B

Cyclone Yasi could cost $1.49B

It has been reported that the Australian tropical cyclone Yasi could cause as much as $1.5 billion Australian ($1.49 billion) in insured damage, based on catastrophe modeling by AIR Worldwide Corp. Yasi made landfall last week just north of Mission Beach, causing floods and damaging buildings throughout Queensland.

The region had already been flood-ravaged prior to Yasi by an earlier storm named Anthony, leading experts to make comparisons to devastating the 2006 storm season.

Vineet Jain, principal engineer at Boston-based AIR Worldwide, said, “Losses from Yasi may well exceed those from Cyclone Larry in 2006.”  Larry followed a similar path as Yasi, although it tracked slightly to the north and had less intense winds. Larry caused an estimated $540 million Australian ($536.2 million) in insured damage.

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William Gallagher Associates is a leading provider of insurance brokerage, risk management and employee benefits services to firms with complex risks and dynamic needs, within industries that include technology, life sciences, financial risks, health care, renewable energy & clean technology, and environmental services. WGA has offices in Boston, MA; New York, NY; Hartford, CT; Princeton, NJ; Columbia, MD; and Atlanta, GA.

  1. February 16, 2011 at 2:13 pm

    Feb 16th update – Business Insurance reports “Insurers see Australia flood cost over $2 billion” Link here: http://www.businessinsurance.com/apps/pbcs.dll/article?AID=/20110216/NEWS01/110219959/1235

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