Insurance Business Magazine is reporting an independent Zurich-based organisation has revealed its initial estimate of the insured property market loss for the catastrophic floods that inundated northern Queensland, and in particular the city of Townsville, between January 26 and February 10.

PERILS estimated the initial property loss for the Townsville flood event to be at $957 million. The figure, which is based on loss data collected from affected insurers, covers the property line of business only.

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