New data from the Insurance Council of Australia (ICA) revealed that the February floods in North Queensland and ex-Tropical Cyclone Alfred in March have resulted in insured losses nearing AUD1.5bn ($990m) to date.
The ICA has stated that insurers are giving priority to these two events due to the substantial volume of claims, which has reached 26,000.
Cyclone Alfred alone contributed an additional 20,000 claims last month, pushing up claims costs by AUD267m.
In total, insurers have received over 116,000 claims related to damage from Cyclone Alfred, amounting to more than AUD 1.2bn. To date, 37% of these claims have been settled, with payouts reaching AUD 146m.
Regarding the North Queensland floods, the ICA reports nearly 11,000 claims have been lodged, with losses exceeding AUD 250m.
A breakdown of claims from the North Queensland floods reveals 8,725 related to home insurance, 1,192 to motor, and 960 to commercial, with total losses amounting to AUD 251m.
In comparison, Cyclone Alfred led to 104,389 home claims, 3,725 motor claims, and 8,118 commercial claims—bringing the total to 116,232 claims valued at AUD 1.236bn.
Insurers are continuing local support across impacted communities, establishing insurer hubs immediately following the events and hosting customer consultations and townhalls, said ICA