Late 2023 cyclone and storm claims surpass $743 million

Late 2023 cyclone and storm claims surpass $743 million

Damages from ex-Tropical Cyclone Jasper. Photo: QLD Premier Steven Miles, via Facebook.

As Queenslanders brace for the potential impact of Cyclone Kirrily on weather systems, the Insurance Council of Australia (ICA) has released its estimate of the cost of claims from ex-Tropical Cyclone Jasper and the wild weather across the eastern seaboard over the Christmas-New Year period.

The ICA estimates a cost of more than $743 million from the two events.

Ex-TC Jasper hit regions from Cape York Peninsula to Townsville from 10 to 16 December, and has so far generated 8,068 claims worth $202 million.

Affecting a much larger geographical area and more people, the storms affected Queensland, NSW and Victoria from 23 December to 3 January, and have led to a cost of claims worth $541 million.

Queensland accounted for almost three-quarters of claims relating to the storms, followed by 21 per cent from NSW and 5 per cent from Victoria.

The ICA and insurers are in Cairns today for community forums and customer consultations, providing information and support to those impacted by ex-TC Jasper.

The insurance council and insurers will hold community forums and consultations in Upper Coomera, Jimboomba and Tamborine Mountain in south-east Queensland from 31 January to 2 February.

These forums give impacted policyholders an opportunity to meet in-person with their insurer, as well as provide useful information on the claims process and appeal avenues.

"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," says ICA CEO Andrew Hall.

"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."

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