Insured storm losses triple: ICA

Insurance claims triggered by recent storm damage on the east coast have soared in the past week.

The full impact of the storms that battered the east coast almost two weeks ago is becoming apparent for insurers, with the Insurance Council of Australia noting insured losses have more than tripled over the past week.

The industry body said the financial impact on Australia’s insurance industry now amounted to $235 million, up from $56m at the last official count a week ago.

The upward revision comes after IAG last week outlined expectations it would have insured losses of $60-$80m, with Queensland-based Suncorp following suit today with the same loss expectation.

The ICA said insurers have now received close to 32,000 claims from the severe weather event that buffeted Queensland, New South Wales, Victoria and Tasmania.

IAG has previously said it had received around 10,000 claims, while Suncorp has recorded 8,000.

The industry body said the total number of claims could yet rise as residents and businesses continue to tally the damage.

“Since the ICA last updated the catastrophe data, insurers have received very large claims for commercial and marine damage, substantially lifting the overall losses from these storms,” ICA chief executive Rob Whelan said.

“About three-quarters of all claims are domestic, and mainly relate to typical storm damage, although a small number of homes have been severely damaged and are temporarily uninhabitable.”

Mr Whelan also urged residents to prepare for the impacts of more storms this weekend, with heavy rainfall forecast along the east coast once again.