$743m bill: Queensland storms costs mount

The Insurance Council of Australia has released its first estimate of the cost of claims from ex-Tropical Cyclone Jasper and the Christmas and New Year storms and warn they will rise.

Claims received for damage caused by ex-Tropical Cyclone Jasper and the Christmas and New Year storms along the east coast of Australia have so far exceeded $743m and with another cyclone forming of the north Queensland, the insurance bill is expected to soar.

Insurance Council of Australia chief executive Andrew Hall said insurers were closely monitoring the situation in Queensland with Cyclone Kirrily forming of the coast after releasing the first cost estimate of the December/January weather events.

“It’s clear we are still moving through the summer season of tropical weather with another potential cyclone forming in the Coral Sea,” he said.

Damaged infrastructure at Mount Tambourine caused by the Christmas night storm.

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, NSW and Victoria from December 23 to January 3.

Of the claims received for the Christmas and New Year storms, 74 per cent were from Queensland, 21 per cent from NSW and 5 per cent from Victoria.

Mr Hall said the two severe weather events have had a significant impact on many, and insurers were 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,” he said.

Flash flooding in the aftermath of Cyclone Jasper.

The ICA and insurers were in Cairns today for community forums and customer consultations, providing information and support to those impacted by ex-TC Jasper. They will hold community forums and consultations in Upper Coomera, Jimboomba and Tamborine Mountain in southeast Queensland from 31 January to 2 February.