One Billion dollars worth of Summer catastrophes

News >> News on Insurance

Insured losses relating to this summer’s catastrophes stand at $942.1 million, according to the latest figures from the Insurance Council of Australia.

Some 91,128 claims have been made, with insurers paying an average of $5.22 million per working day.

The Queensland storms and flooding have caused $742 million in insured losses and 70,693 claims, with insurers paying $2.24 million each working day. This is a rise on figures released last month that put the cost at $661.3 million, with 59,010 claims.

NSW storms and flooding led to $101 million in losses and 17,150 claims, with $1.76 million paid each working day – up from $71.8 million and 10,183 claims reported last month.

The Tasmanian bushfires led to $87.1 million in insured losses and 1785 claims, with $1.22 million paid each working day. These figures are steady from the most recent update.

The NSW bushfires at Coonabarabran caused $12 million in losses and 1500 claims, showing no change from last month’s figures.