Reef Casino insurance hiked 60 per cent as climate risk hits premiums

Thursday 2nd January 2020

The only casino in Far North Queensland has had its annual insurance bill hiked by almost 60 per cent, as insurers reassess the risk natural disasters and climate change pose to the state's tourism operators.

Reef Casino Trust, the ASX-listed owner of the 128-room Reef Hotel Casino in Cairns, told investors on Thursday that its insurance bill would jump $487,000 per cent to $1.3 million in 2020.

The casino also had limits placed on how much it could claim for damage caused by cyclones, flood and tidal waves. The $487,000 increase in insurance costs represents close to 10 per cent of the group's 2019 net profit ($5 million).

That hike followed a review with its insurance broker and was caused by "challenging market conditions in the insurance industry," Reef Casino said.

Source

Best New Customer Offers

Bonus up to £1000 + 1000 LV Spins

Welcome Package

18+. New customers only. Welcome bonus is valid for first 4 deposits. Min. deposit £10. Wagering requirement 35x. Max bonus: £200 (100%) + £200 (50%) + £500 (25%) + £100 (200%). Max. spins: 200 + 200+ 500 +100 Spins. Full terms apply.

Bonus up to £200 + 100 Free Spins

Welcome Package

18+. New players only. Min Deposit £10. Welcome package splits over 3 deposits. 35x wagering requirement applies to match up bonus. Offer valid for 1 week. 100 spins split to 20 spins a day for 5 days. 50x wagering applies to spins. Full terms apply.

We use cookies and other tracking technologies to improve your browsing experience on our website, to show you personalized content and targeted ads, to analyze our website traffic, and to understand where our visitors are coming from. By browsing our website, you consent to our use of cookies and other tracking technologies. View more
Agree & Continue