Insurance claims arising from two major weather events in Queensland this year have surpassed $1.2 billion, according to the Insurance Council of Australia (ICA).
Data released by the ICA indicated that insurers have processed more than 95,000 claims connected to ex-Tropical Cyclone Alfred, with estimated insured losses totalling approximately $1 billion.
The claims cover a range of impacts, including food spoilage and temporary accommodation expenses. About 30% of these have been settled.
Claims involving more extensive damage, including those related to structural losses or properties deemed uninhabitable, remain under assessment.
The Australian Reinsurance Pool Corporation (ARPC) recently confirmed its operational readiness to process claims arising from ex-Tropical Cyclone Alfred through the cyclone reinsurance pool.
The pool covers wind and flood damage during cyclonic conditions and for 48 hours after a cyclone is downgraded.
ARPC CEO Dr Christopher Wallace said the agency is equipped to assist insurers through the claims process.
“Our teams are well prepared to manage any eligible reinsurance claims arising from this event and ready to assist insurers with submissions, including loss estimate reports and other payments, as required,” he said.
In addition, over 10,000 claims have been lodged following February’s floods in North Queensland, with a total estimated loss of $233 million. These claims largely pertain to water-related damage resulting from intense rainfall, gutter overflows, and stormwater inundation.
Insurance providers are continuing to monitor developments in western Queensland, where widespread flooding is affecting parts of the central west and southwest regions. Access limitations and further rainfall are hampering both recovery and assessment efforts.
The ICA urged residents in affected areas to prioritise safety and stay informed through official emergency services channels.
Andrew Hall, CEO of the ICA, acknowledged the cumulative impact of recent events on Queensland residents and confirmed insurers are supporting clients during this challenging period.
“While only a small number of claims have been received so far for the most recent floods in western Queensland, insurers are assisting customers to help ease stress and uncertainty. Once access is restored, insurers stand ready to deploy resources to impacted areas,” he said.
The ICA said it is working with all levels of government to aid recovery in communities affected by the cyclone, earlier flooding in the north, and ongoing conditions in the state’s western regions.
