Insurance losses from ex-tropical cyclone Alfred and February's North Queensland floods have exceeded A$1.2bn ($73.5m) according to data released by the Insurance Council of Australia (ICA).
A media release by ICA said the insurers have received more than 95,000 claims relating to damage following ex-tropical cyclone Alfred totalling almost A$1bn.
ICA members have already settled 30% of these claims, reflecting the industry’s prioritisation of immediate relief payments. Majority of these relate to food spoilage and temporary accommodation.
Other claims such as those relating to structural damage, inundation and circumstances where homes are uninhabitable are being prioritised by insurers.
Insurers have received more than 10,000 claims following the North Queensland floods totalling A$233m. Many of these claims are due to food spoilage and water ingress from various sources including wind driven rain, overflowing gutters and inundation.
This remains an active emergency across a vast area, with access challenges due to flooding and distance. With more rain anticipated, insurers’ priority is community safety, and the ICA has urged all those affected to monitor conditions and follow emergency services’ advise.
ICA CEO Andrew Hall said, “It has been a busy start to 2025 with extreme weather events, particularly for Queenslanders who are now seeing widespread flooding across the state’s west.
“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.”