Australian Insurers Call Brush Fire Losses Moderate
From Bloomberg Business News
Australian insurers say property losses to date from savage brush fires in and around Sydney are moderate compared with losses from the nation’s past natural disasters.
The Insurance Council of Australia, in a preliminary estimate, said it expects losses to total about $68.5 million, equally divided between residential and commercial property.
About 135 fires were reported still burning in New South Wales state this morning, but cooler, moister weather today has eased conditions that fanned the flames in recent days.
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