STORMS WREAK $1.55B OF DAMAGE

STORMS WREAK $1.55B OF DAMAGE

INSURANCE claims for the wild weather that hit south-east Queensland and New South Wales earlier this year have hit $1.55 billion.

Member companies of the Insurance Council of Australia (ICA) have received 27,825 claims for storms that rolled across Brisbane and surrounding regions in April and May.

The damage bill for the area reached more than $360 million in domestic and commercial claims.

New South Wales was the hardest hit, particularly the Central Coast, Greater Sydney Metropolitan and Illawarra regions, with 119,935 claims at a total of $801.7 million.

Insurers are also handling 14,239 claims following the hailstorm that struck Sydney on Anzac Day, with losses of $389.8 million mainly for damage to industrial properties.

Claims for ICA-declared catastrophes have totalled more than $3.45 billion since November last year, following Tropical Cyclone Marcia, South Australian bushfires and Brisbane hailstorm.

The ICA says brokers continue to handle fresh claims from household and commercial policyholders.

Get our daily business news

Sign up to our free email news updates.

Please tick to verify that you are not a robot

 

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Make smarter investing decisions with an Earnings Calendar
Partner Content
With the US reporting season just around the corner, it pays to know when exactly to gi...
moomoo
Advertisement

Related Stories

Marketing agency Awaken to acquire Agnes Media

Marketing agency Awaken to acquire Agnes Media

Sydney-headquartered Awaken has made its first ever acquisition tha...

Maurice Blackburn explores potential class action over Downer EDI’s accounting blunder

Maurice Blackburn explores potential class action over Downer EDI’s accounting blunder

Maurice Blackburn Lawyers has added to the woes of embattled contra...

VentureCrowd looks to raise up to $14m for South East Asian expansion, Web3 push

VentureCrowd looks to raise up to $14m for South East Asian expansion, Web3 push

After doubling the amount of capital raised for founders every year...

Helloworld taps into Scandi love of Aussie holidays via part acquisition of Australiareiser

Helloworld taps into Scandi love of Aussie holidays via part acquisition of Australiareiser

Helloworld Travel (ASX: HLO) has tapped into the Nordic love affair...