Over 18,000 new claims filed after recent Australian catastrophes

Insurers have already closed 28% of claims, paying out AU$171m

Australia’s losses from declared insurance catastrophes during the summer have reached AU$1.2b, according to the Insurance Council of Australia (ICA).

“While recovery takes time, we anticipate rebuilding efforts to commence soon if it has not already, allowing people to safely return to their homes. We understand the frustration this process can cause, but thorough assessments and proper repairs are crucial for long-term recovery. Claims will remain open until all works are completed and approved, which may take some time depending on the severity of the damage caused and the complexity of the claim.” Andrew Hall, CEO of the ICA said in a statement.

Ex-Tropical Cyclone Jasper impacted regions from Cape York Peninsula to Townsville from 10 to 16 December. On the other hand, Christmas and New Year storms affected regions of Queensland, New South Wales, and Victoria from 23 December to 3 January.

ALSO READ: Insurers ready to tackle Cyclone Jasper – ICA

Insured losses from these storms total AU$968m from nearly 90,000 claims.

Over 18,000 new claims have been lodged in the past month, indicating the time customers take to initiate the claims process. Insurers have already closed 28% of claims, paying out AU$171m to affected customers.

Insured losses from ex-TC Jasper stand at AU$278m from nearly 10,000 claims, with an average claim cost of around AU$28,000. Twenty-one percent of claims from ex-TC Jasper have been closed, with AU$62m paid out to customers. Insurers are actively engaged in affected areas, providing community consultations, forums, and in-person claims assistance.