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North Queensland could see increased insurance premiums after Debbie

Northern Queenslanders may have more to worry about than the state of their crops after Cyclone Debbie swept the area. Those who live in the area have been warned of substantial rises for insurance premiums which are likely following the devastation of Debbie which is already expected to increase prices of affected crops.

The storm caused wind gusts of up to 275 kilometres per hour, leading to major flash floods, 63,000 households without power and widespread property damage.

A 2014 Australian Government Actuary report found an 80 per cent increase in insurance premiums in Northern Queensland from 2005 to 2013, far above the increases in Brisbane, Sydney and Melbourne, which it blamed on Cyclone Larry in 2005-06, the Mackay storms in 2007-08 and Cyclone Yasi in 2010-11.

source: thenewdaily.com.au

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