According to the Australian Broadcasting Corporation (ABC), Queensland’s upcoming budget is expected to take a $1.5 billion hit from Cyclone Debbie, Treasurer Curtis Pitt says, despite the overall damage bill to private and public infrastructure predicted to reach $2 billion. Continue reading “Cyclone Debbie likely to cost Queensland $1.5 billion”
New report from the Royal Horticultural Society highlights the challenges and opportunities of gardening in a changing climate
The quintessentially British lush, green lawn could become a thing of the past; gardeners in the north could enjoy a longer growing season and plant pests and diseases not yet established in some areas of the country could become commonplace; these are some of the findings of a new report from the Royal Horticultural Society (RHS) and leading academics into the impact of climate change on gardening. Continue reading “UK: Climate change threat to gardening”
Denis Kessler discusses how the reinsurance industry can effectively manage risk across large-scale natural catastrophes. Recorded at the 2017 Extreme Events and Climate Risk Forum – Scientific Seminar, co-organised with SCOR Foundation and hosted by SCOR. Continue reading “How reinsurers can absorb the risks of natural catastrophe events – Interview with Denis Kessler”
Swiss Re estimates its claims burden from Tropical Cyclone Debbie in Australia at approximately USD 350 million, net of retrocession and before tax. Swiss Re expects Cyclone Debbie to have resulted in a higher share of large commercial and corporate losses compared to similar events in the past. The total insured market losses for wind, flood and storm surge damages are estimated to be approximately USD 1.3 billion.
Tropical Cyclone Debbie made landfall on 28 March 2017 as a category 4 hurricane; making it the strongest cyclone to hit the Australian region since 2015. The eye of the storm came ashore near Airlie Beach on the north Queensland coast, with estimated 10-minute sustained winds of close to 200km/h. The main disaster zone stretched more than 990 km from the point of landfall, reaching northern New South Wales. Within New South Wales, both Central and South Lismore are protected by levees, but in both cases the levees were overtopped, contributing to significant damage.
“This destructive cyclone caused structural damage by flooding, storm surge and wind in regions close to the Queensland coast,” says Matthias Weber, Swiss Re’s Group Chief Underwriting Officer. “We are a lead reinsurer in this market and estimate that Cyclone Debbie has caused higher commercial and corporate losses compared to similar events in the past. We express our sympathies to those affected and will continue to work closely with our partners and clients to ensure that people receive the financial support they need to clean up and rebuild after this tragic event.”
High winds triggered a storm surge and contributed to surface water flooding from large amounts of accumulated rainfall. A peak storm surge of 2.7 meters was measured at Laguna Quays, on the coast of Queensland. Hundreds of residential and commercial buildings were flooded; several thousand residents and business operators were evacuated from the region. The Queensland Farmers’ Federation estimates winter crop losses at 20%.
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About Swiss Re
The Swiss Re Group is a leading wholesale provider of reinsurance, insurance and other insurance-based forms of risk transfer. Dealing direct and working through brokers, its global client base consists of insurance companies, mid-to-large-sized corporations and public sector clients. From standard products to tailor-made coverage across all lines of business, Swiss Re deploys its capital strength, expertise and innovation power to enable the risk-taking upon which enterprise and progress in society depend. Founded in Zurich, Switzerland, in 1863, Swiss Re serves clients through a network of over 60 offices globally and is rated “AA-” by Standard & Poor’s, “A1” by Moody’s and “A+” by A.M. Best. Registered shares in the Swiss Re Group holding company, Swiss Re Ltd, are listed on the SIX Swiss Exchange and trade under the symbol SREN. For more information about Swiss Re Group, please visit: www.swissre.com or follow us on Twitter @SwissRe.
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BHP Billiton today confirmed that while extreme rainfall following Cyclone Debbie has impacted access, power, logistics and services in the Queensland’s Bowen Basin, crews are returning to work at its coal mines. BHP Billiton said the safety and security of our employees and their communities remains our highest priority.
The company added that dewatering infrastructure installed after the 2011 floods is working as designed and all sites are resuming operations with mine production ramping up.
The company said: “BHP Billiton notes the release made by rail track provider Aurizon that the rail network remains offline. Aurizon is assessing damage and timing for resumption of track availability. BHP Billiton will seek to manage ongoing access to ports and shipments to customers. The Hay Point Terminal is ready to receive coal.
“We continue to monitor and work through the impacts to production and will provide updates over coming weeks and detail in the Operational Review.
“BHP Billiton has committed A$250,000 to the Salvation Army to provide immediate support to Queenslanders impacted by Tropical Cyclone Debbie.”
BHP Billiton has interests in 11 coal mines in the Bowen Basin through its joint ventures – BHP Billiton Mitsubishi Alliance (BMA) owns nine mines (seven operational, two in care and maintenance, and the Hay Point Coal Terminal south of Mackay. BHP Billiton Mitsui Coal (BMC) owns two mines.