Australia’s 2025 catastrophe claims bill reaches A$1.2 billion

By Scott Vincent

April 2 - (The Insurer) - Insured losses from the two events designated as catastrophes by the Insurance Council of Australia this year have now exceeded A$1.2 billion ($756 million).

Ex-Tropical Cyclone Alfred accounts for close to A$1 billion of the total, according to data published by the ICA on Wednesday. Insurers have now received more than 95,000 claims related to damage from the event.

The ICA said 30% of these claims have been settled to date, with the industry having prioritised immediate relief payments. The majority of these relate to food spoilage and temporary accommodation, the industry body said.

Flooding in northern Queensland has resulted in more than 10,000 insurance claims, with an estimated industry loss of A$233 million.

The ICA said many of these claims are due to food spoilage and water ingress from various sources including wind-driven rain, overflowing gutters and inundation.

Only a small number of claims have been received so far for the most recent floods in western Queensland, the ICA said.

Those floods were triggered by ex-Tropical Cyclone Dianne, which affected the region over the weekend. Damage will be covered as a cyclone event under the federal government’s reinsurance pool.