ICA reveals autumn storm costs

ICA reveals autumn storm costs | Insurance Business

ICA reveals autumn storm costs
Storms that caused wide-spread damage across New South Wales and Queensland throughout the autumn have caused insured losses from claims of $1.55 billion, the ICA has revealed.

Updated statistics from the ICA and its members show that 119,935 claims have so far been received following storms that hit large parts of the east coast in April and May.

Insured losses for the storm that hit the Central Coast, Hunter, Greater Sydney and Illawarra regions have totalled $801.7 million in losses with $629.6m for domestic claims and $172.1m in commercial lines.

“Insurers and insurance brokers continue to handle fresh claims from household and commercial policyholders,” the ICA said in a statement.

“Since last November insurance claims for ICA-declared catastrophes have totalled more than $3.45b,” the council continued.

14, 239 claims have been made from the Anzac Day hailstorm which saw $389.8m worth of losses with over $300m worth of claims relating to commercial policies with damage to industrial properties a key driver.

South-East Queensland and Northern New South Wales were the recipients of storm weather at the end of April and claims costs have risen to $360.2m, $70.2m of which is related to commercial claims, as over 27,000 claims have been submitted.

The Brisbane hailstorm remains the most costly catastrophe from recent months with over 120, 000 claims made and more than $1.35b worth of losses so far.