ICA estimates insured loss from TC Jasper and recent storms to exceed $743m

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The Insurance Council of Australia (ICA) has disclosed its first insured loss estimate for ex-Tropical Cyclone Jasper and the Christmas and New Year storms, anticipating the costs from these events to exceed $743 million.

ica-insurance-council-australia-logoMarking out the particulars, the ICA explained that Ex-TC Jasper impacted regions from Cape York Peninsula to Townsville from 10 to 16 December, while the Christmas and New Year storms impacted regions of Queensland, New South Wales and Victoria.

Just before the new year, the ICA declared the Christmas storms a ‘Significant Event’ for the three aforementioned states, later extending the declaration to include the New Year storms.

Last week, the Council updated its claims figures, noting that insurers had received a total of  64,937 claims related to the Christmas and New Year storms, while claims for cyclone Jasper hit 7,473.

The ICA has now stated that of the claims received for the Christmas and New Year storms, 74% are from Queensland, 21% are from New South Wales and 5% are from Victoria.

ICA CEO, Andrew Hall, commented, “Insurers are closely monitoring the situation in Queensland as it is clear we are still moving through the summer season of tropical weather with another potential cyclone forming in the Coral Sea.

“These two severe weather events have had a significant impact on many, and insurers are committed to supporting their customers through this challenging time. We encourage anyone affected by Cyclone Jasper and the flooding or the Christmas and New Year storms to contact their insurer as soon as possible to lodge a claim.”

In related news, Australian primary insurer Suncorp recently updated its claims figures in relation to the above events, and at the time was reportedly dealing with nearly 28,000 total insurance claims (including more than 20,000 claims for homes) across Queensland, New South Wales and Victoria.

The post ICA estimates insured loss from TC Jasper and recent storms to exceed $743m appeared first on ReinsuranceNe.ws.

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