RACQ Insurance still managed to deliver a $42.93 million underwriting profit for the year to December 31 despite $600 million in claims expense following the year’s floods and Cyclone Yasi.

RACQ’s annual report shows RACQ Insurance’s premium revenue was $598.56 million and the cost of reinsurance was $75.7 million, resulting in $522.8 net premium revenue.

Queensland’s natural disasters contributed to a $600 million claims expense. Reinsurance recoveries softened the blow to the tune of $243 million, giving a net $357.3 claims incurred figure.

Chairman Geoff Leddy says RACQ Insurance has worked to improve Queenslanders’ access to flood cover, ensure household insurance remains affordable and be even more transparent in how home insurance is sold.