Australian summer insured cat losses reach $1.2bn: ICA

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The Insurance Council of Australia (ICA) has revealed that losses from declared insurance catastrophes over the summer have now reached $1.2 billion.

ica-insurance-council-australia-logoAccording to the ICA, the two major events in this period were Ex-Tropical Cyclone Jasper, which impacted regions from Cape York Peninsula to Townsville from 10 to 16 December, and the Christmas and New Year storms, which impacted regions of Queensland, New South Wales and Victoria from 23 December to 3 January.

Insured losses from the Christmas and New Year storms have reportedly reached $968 million from nearly 90,000 claims.

“More than 18,000 new claims have been lodged as a result of these storms in the last month, illustrating the time many customers take to contact their insurer and get the claims process underway,” the ICA explained.

The Council noted that 28% of claims have already closed, with $171 million paid to impacted customers, significantly higher than the $22 million paid out in January.

“While damage was widespread across three states, the average claim cost is under $10,000, which is lower than many other similar events, the ICA added.

Meanwhile, insured losses from ex-TC Jasper have ostensibly reached $278 million from nearly 10,000 claims.

“The average claim cost from ex-TC Jasper is around $28,000, demonstrating the severe nature of the damage and the more complex claims from this event,” The ICA said.

21% of claims from this event have been closed, with $62 million paid out to customers.

ICA CEO, Andrew Hall, commented, “This data highlights the impact of both ex-TC Jasper and the Christmas and New Year storms, but also demonstrates insurers’ commitment to assessing claims and facilitating repairs.

“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.”

The post Australian summer insured cat losses reach $1.2bn: ICA appeared first on ReinsuranceNe.ws.

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