Insurance losses from the Queensland floods have exceeded $1.04bn taking the total from three recent extreme weather events to $2.2bn even before cyclones Trevor and Veronica have been taken into account.
The Insurance Council of Australia (ICA) advised that there had been 25,770 claims worth a total of $1.04bn related to the flooding that followed February’s monsoonal rains in Townsville and in central Queensland.
The ICA also noted that 130,000 claims totalling $1.2bn for December’s NSW hailstorm and 365 claims totalling $20m from eastern Victoria’s Bunyip bushfires in late February and that insurers had been working round the clock in the three states to support customers affected by extreme weather catastrophes.
They further added that insurers were assisting and helping policyholders in Queensland, The Northern Territory and north western WA who have suffered losses caused by cyclones Trevor and Veronica with loss estimates still yet to be disclosed.
These local losses coupled with global natural catastrophe losses will impact on insurers capacity, risk appetite and premium ratings for renewals due for the balance of 2019.