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Cyclone Debbie, a Category 4 storm, slammed into Australia on March 28. The storm, one level shy of the most powerful Category 5, killed six people, smashed tourist resorts, brought down power lines and shut coal mines, before moving on to New Zealand. We are a lead reinsurer in this market and estimate that Cyclone Debbie has caused higher commercial and corporate losses home loan for doctor Oak Laurel 0430129662 compared to similar events in the past, Swiss Re Chief Underwriting Officer Matthias Weber said in a statement. Reinsurers act as financial backstops forinsurancecompanies and help them pay for large claims from hurricanes or earthquakes in exchange for part of the premiums. The high losses were a result of the densely populated, commercially active area the storm hit, a spokeswoman said, with hundreds of residential and commercial buildings flooded and thousands of residents and businesses evacuated from the region. The disaster zone stretched 1,000 km (600 miles) from Queensland states tropical resort islands and Gold Coast tourist strip to the farmlands of New South Wales state. Five miners in the cyclone-hit region, including BHP Billiton and Glencore, have declared force majeure a clause typically invoked after natural disasters since multiple landslides and flooding knocked out major coal rail networks. Despite hindering profits, higher catastrophe costs can ease pressure on pricing in the reinsurancemarkets. The expensive cyclone may lead to a rise in Australian property & casualty reinsurance pricing in the next July or January contract renewals rounds, a spokeswoman said. However, the event did not impact business written in April, which is largely concentrated in Asia.

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