Cyclone and flood insurance losses surpass AU$ 1.2 billion, highlighting the growing impact of natural disasters in Australia.
The Insurance Council of Australia (ICA) has reported that the insurance losses stemming from ex-Tropical Cyclone Alfred and the North Queensland floods in February have now exceeded AU$ 1.2 billion.
According to the ICA, insurers have processed over 95,000 claims totaling nearly $1 billion for damages inflicted by ex-Tropical Cyclone Alfred. Additionally, more than 10,000 claims have been filed, amounting to $233 million, following the North Queensland floods.
For claims associated with ex-Tropical Cyclone Alfred, the breakdown is as follows: 81,952 home policies, 3,131 motor, 5,766 commercial, and 4,018 other categories.
As for the claims related to the North Queensland floods, there are 6,092 home policies, 1,118 motor, 2,123 commercial, and 794 other.
In response to these substantial losses, the insurance sector is closely monitoring the severe weather and flooding impacting western Queensland, particularly in the central west and southwest regions, as stated by the ICA.
ICA CEO Andrew Hall remarked, “It’s been a hectic start to 2025 with extreme weather events, especially for Queenslanders who are now witnessing widespread flooding across the state’s western regions.
“While only a limited number of claims have been submitted for the most recent floods in western Queensland, insurers are actively assisting customers to alleviate stress and uncertainty. Once access is re-established, insurers are prepared to deploy resources to the affected areas.
“If you have been affected by any of these weather events and have not yet filed a claim, we urge you to contact your insurer as soon as possible, even if the extent of the damage is not fully known.
“The ICA is actively engaging with governments and relevant agencies to facilitate the recovery of communities impacted by the North Queensland floods, ex-Tropical Cyclone Alfred, and the ongoing western Queensland weather situation.”
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