New data released today by the Insurance Council of Australia (ICA) shows that insurance losses from ex-Tropical Cyclone Alfred and February's North Queensland floods have exceeded $1.2 billion.
Insurers have received more than 95,000 claims relating to damage following ex-Tropical Cyclone Alfred totalling almost $1 billion.
Thirty per cent of these claims have already been settled, reflecting the industry's prioritisation of immediate relief payments, the majority of which relate to food spoilage and temporary accommodation.
Other claims such as those relating to structural damage, inundation and circumstances where homes are uninhabitable are being prioritised by insurers.
Insurers have received more than 10,000 claims following the North Queensland floods totalling $233 million.
Many of these claims are due to food spoilage and water ingress from various sources including wind driven rain, overflowing gutters and inundation.
