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Australia bushfire insurance losses climb to A$700M

The Insurance Council of Australia said insurance losses from the bushfires in the country have now reached A$700 million.

Since September, insurers have received 8,985 claims from the states of New South Wales, Victoria, Queensland and South Australia, and this is expected to rise.

The New South Wales Rural Fire Service said 1,588 homes have been destroyed in the state, while 653 homes have sustained damage during the latest bushfire season, ABC News reported. Meanwhile, Victoria Premier Daniel Andrews disclosed that at least 200 homes had been razed there.

As of Jan. 6, US$1 was equivalent to A$1.44.