Skip to content

Eastern Australian Storms Create 1.55 Billion In Claims

  • by The Quotesonline Team


Insurance losses from claims following a series of severe storms that hit eastern Australia in April and May have passed $1.55 billion.

As of June 1, Insurance Council of Australia member companies have received 119,935 claims following storms that struck widespread areas of New South Wales (in particular the Central Coast, Hunter, Greater Sydney Metropolitan and Illawarra regions) over several days in April. Insurance losses to date total $801.7 million in losses ($629.6 million for domestic claims, $172.1 million for commercial).

Insurers are handling 14,239 claims following the hailstorm that struck Sydney on Anzac Day, with losses of $389.8 million. A large proportion of these claims ($302.4 million) are for commercial policies, mainly for damage to industrial properties. And the storms that rolled across South-East Queensland and Northern NSW between April 30 and May 4 caused $360.2 million in losses ($289.8 million for domestic claims, $70.2 million for commercial claims), with 27,825 claims received. Insurers and insurance brokers continue to handle fresh claims from household and commercial policyholders.

Since last November insurance claims for ICA-declared catastrophes have totalled more than $3.45 billion, including the following (as of June 1):

• Tropical Cyclone Marcia (February 2015) – 36,483 claims, more than $518 million in losses (commercial $190.3 million, domestic $327.7 million)

• South Australian bushfires (January 2015) – 996 claims and $36.6 million in losses (commercial $12 million, domestic $24.6 million)

• Brisbane hailstorm (November 2014) – 121,195 claims and more than $1.35 billion in losses (commercial $513.3 million, domestic $837.5 million)

Source Insurance Council of Australia

Follow Us twitter  Follow us on Google+ facebook

Life Insurance Quotes Quotesonline Free Insurance Quotes Please note Quotesonline Insurance News is an information service provided by third parties Insure 247 Australia doesn’t warrants the accuracy of any information contained there in, readers should make their own enquiry’s before relying on information in the stories Terms of Service

Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs. Please read the Product Disclosure Statement and contact us if you
Call For Quotes