New data released by the Insurance Council of Australia (ICA) today shows that insured losses have reached almost $1.5 billion from 126,000 claims, following two extreme weather events this year.
Claims from the February North Queensland floods and ex-Tropical Cyclone Alfred in March are being prioritised by insurers, with an additional 20,000 claims received as a result of Alfred in the last month, increasing claims costs by $267 million.
Insurers have now received more than 116,000 claims relating to damage following ex-Tropical Cyclone Alfred totalling more than $1.2 billion.
Thirty-seven per cent of these claims have already been settled, totalling $146 million.
Insurers have received almost 11,000 claims totalling more than $250 million from the North Queensland floods.
Insurers have received fewer than 350 claims as a result of the recent flooding in Western Queensland.
Claims from these events vary in severity, however the average claim from the North Queensland floods is $23,000 compared to the average for Alfred at a lower $10,000.
Insurers are continuing local support across impacted communities, establishing insurer hubs immediately following the events and hosting customer consultations and townhalls.
Quotes attributable to ICA CEO Andrew Hall:
Rising claims numbers and closure rates are a sure sign that recovery in extreme weather impacted communities is progressing well.
To help impacted customers, insurers are heading to Hervey Bay next week to meet with customers impacted by ex-TC Alfred, giving them opportunity to discuss their claim one-on-one.
