Australia’s Qantas Airways is working towards a commercial settlement with Rolls-Royce over last year’s mid-air engine explosion, its chief executive said, as the airline rebuilds its image tarnished by the incident which temporarily grounded its fleet of A380 aircraft. Alan …
Insured losses from the recent flooding in Australia could top $6 billion, and earnings estimates for Bermudan reinsurers are at risk as a result, Barclays Capital said Tuesday. Barclays analyst Jay Gelb cited early estimates for $4 billion of losses …
Floods that ravaged Australia’s northeast and swamped a major city could be the country’s most expensive natural disaster ever, the government said Monday. Flooding inundated new areas in the south Monday, where water seeped into the streets of rural communities …
Australia’s third-largest city started cleaning up stinking mud and debris on Friday after some of the country’s worst floods on record, but in a sign of the task ahead, it could take six months to pump flood waters out of …
Australia’s mining industry has borne the brunt of the economic impact from massive floods in Queensland state, but agriculture, construction, transport, tourism and retail have also been hit. Following is a list of sectors and companies affected: INSURERS The Insurance …
Authorities urged thousands of residents to leave the outskirts of Australia’s third largest city on Tuesday as others sandbagged homes and stockpiled food in anticipation of rising floodwaters and further heavy rain. Ten people died overnight, with cars and pedestrians …
Australia’s flood-stricken coal industry may be disrupted for months after key rail and road links were washed away, while some infrastructure could take years to repair, authorities said on Friday. The floods have swamped mines in Queensland State, paralyzing operations …
Bermuda-based Omega Insurance Holdings Limited, which is also a leading LLoyd’s insurer, has issued a revised estimate of the losses it expects to incur from claims related to the earthquake, which struck New Zealand on Sept. 4. Omega explained that …
Swiss Re has obtained another $170 million in protection through the Successor X Ltd. catastrophe bond program, covering Australia earthquake, North Atlantic hurricane and California earthquake risks. “The combination of Australia earthquake risk with US peak natural catastrophe risks is …
Australia’s record floods are causing catastrophic damage to infrastructure in the state of Queensland and have forced 75 percent of its coal mines, which fuel Asia’s steel mills, to grind to a halt, Queensland’s premier said on Wednesday. The worst …
