Queensland residents prepare for major insurance rate hikes nearly one year after catastrophic floods

The Australian government has announced that meeting its own recommendations for disaster insurance in the wake of the floods in Queensland early last year. The floods that hit the region last year cost thousands of people their homes and put an end to several businesses. There are still scores of people struggling to rebuild, nearly a year after the catastrophe. When flood waters came in, the nation’s insurers were quickly overwhelmed in terms of claims and insured losses. The government had to step in, but it too struggled to mitigate…

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