Australian general insurers have already received more than 65,000 claims, with insurance losses conservatively estimated at $674 million, from four catastrophes declared by the Insurance Council of Australia (ICA) in three states over the past few months.
The majority of those claims have come from the state of Queensland, which has been affected by severe flooding and sotrm damage. More claims are expected over the next two weeks, the ICA noted.
“Though insurers have received a high volume of claims, this summer’s fire and flood risk had largely been anticipated and factored into commercial, prudential and logistical preparations," Rob Whelan, the council's CEO noted. "Insurers continue to work hard to process policyholders’ claims and assist the recovery efforts.
“However, I note that many parts of Australia have not yet reached the peak of their local disaster seasons, and more cyclones, floods and bushfires remain a strong possibility.”
The catastrophes over the country's summer include:
- Queensland floods and storm damage – 53,711 claims, $553 million insurance losses
- New South Wales floods and storm damage – 8000 claims, $20 million insurance losses
- Tasmanian bushfires – 1900 claims, $89 million insurance losses
- New South Wales bushfires (Coonabarabran region) – 1500 claims, $12 million insurance losses