Insurance losses from Ex-Tropical Cyclone Alfred and the earlier north Queensland floods have topped $1.2 billion, according to industry data.  

More than 95,000 claims have been lodged for Alfred, with the loss total nearing $1 billion, the Insurance Council of Australia figures show. 

Insurers have settled about 30% of claims, and ICA has praised the industry’s prioritisation of immediate relief and accommodation for customers whose homes are uninhabitable.  

The loss figures are the Insurance Council’s first for Alfred. S&P Global Ratings earlier projected the figure would pass $2 billion, and the Australian Reinsurance Pool Corporation said it expected the cyclone pool to cover about $1.7 billion – its costliest event since launching in 2022. 

On February’s north Queensland floods, ICA says more than 10,000 claims have been made, totalling $233 million in insured losses. Food spoilage and water ingress have been major claims drivers.  

Insurance Council CEO Andrew Hall says the industry is now monitoring severe weather in western Queensland. 

“It’s been a busy start to 2025 with extreme weather events, particularly for Queenslanders, who are now seeing widespread flooding across the state’s west,” he said.  

“While only a small number of claims have been received so far for the most recent floods in western Queensland, insurers are assisting customers to help ease stress and uncertainty. Once access is restored, insurers stand ready to deploy resources to impacted areas.

“If anyone has been impacted by any of these weather events and is yet to make a claim, we encourage you to get in touch with your insurer as soon as you can, even if the extent of the damage isn’t yet known.”