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East coast storm bill hits $235 million

Insured losses from the storms that hit Queensland, NSW, Victoria and Tasmania earlier this month have more than tripled over the past week to $235 million.

The Insurance Council of Australia’s (ICA) most recent figures show 32,000 claims arising from the catastrophe.

CEO Rob Whelan says residents and business owners are still lodging claims.

“Since 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,” he 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.”

Last night the battering continued, with the Sunshine Coast experiencing winds of up to 100kmh, while a mini-tornado tore off roofs in the coastal town of Mooloolaba and Brisbane recorded 70mm of rain in just an hour.

Power was cut to 9500 homes and emergency services responded to 328 calls.

Mr Whelan says properties damaged in the earlier storms may be especially vulnerable to further bad weather.

“If policyholders suffer further damage, they should let their insurer know, which may see their claim further prioritised,” he said.

Suncorp says it has received about 8000 home, motor and commercial claims from the east-coast storms, with an estimated cost of $60-$80 million.

It still expects natural hazard claims to be broadly in line with its annual allowance of $670 million for this financial year.

Last week several AAMI customers in Picton, NSW, complained after the insurer brought in hydrologists to determine whether damage to their businesses is covered under the storm section of their policies or categorised as flood damage, and consequently not covered.

Parent group Suncorp says “following detailed assessment of expert reports” the event will be covered under the storm section.

IAG has so far received more than 12,000 claims arising from the storms.