Claims for damages related to flooding in Queensland state have hit A$2 billion ($2 billion) after a jump in notifications from mining and industrial companies affected by the natural disaster, the Insurance Council of Australia said.
Insured losses triggered by flooding across Queensland are “modest” and well within the capacity of the nation’s insurance companies, said Robert Whelan, chief executive officer of the Insurance Council of Australia.
Australia will boost aid to flood- stricken areas in the coal and sugar producing state of Queensland while sticking to a promise to return the budget to surplus by 2013, Prime Minister Julia Gillard said.
The cost from flood damage in Victoria state, which has received as much as 200 millimeters (7.9 inches) of rain in some parts, is expected to exceed A$10 million, the Australian Financial Review reported, citing the Insurance Council of Australa.
Warren Buffett , visiting India for the first time, said he hopes to invest in the South Asian nation after his Berkshire Hathaway Inc. committed more than $35 billion to takeovers in the last two years.
Warren Buffett , visiting India for the first time, said the country’s 26 percent foreign ownership limit of insurance companies deters his Berkshire Hathaway Inc. from making an investment in the industry.