GALLAGHER’S INCOME RISES 40% ON HIGHER REVENUES, LOWER EXPENSES

Hailstorms that struck the Australian state of Queensland over the weekend have been declared a catastrophe by the Insurance Council of Australia (ICA). The storms affected south-east Queensland on Saturday. By Monday morning, insurers had received 8,500 claims with insured losses estimated at A$110m. About 60% of the claims were for damage to motor vehicles and 40% for damage to houses. The ICA warned further claims were expected as property owners report claims to insurers.