RACQ Insurance has received 17,843 claims related to Ex-Cyclone Alfred, making it the largest property claims event by number of lodgements in its 50-year history. 

RACQ’s total cost for the event is expected to range from $200-220 million, and CEO of insurance Trent Sayers says the federal government’s cyclone reinsurance pool is expected to cover the majority of this loss, with the remaining cost being absorbed by annual natural hazard allowances. 

The pool covers insurers for the cost of damage caused while the weather system is classified as a cyclone and for 48 hours from the time that it is downgraded.  

“The total cost is expected to fall well below the limits of our comprehensive reinsurance program, which is in place to provide protection against large weather events,” Mr Sayers said. 

RACQ had received 17,104 Alfred home claims by Monday morning, with 43% finalised and $12.4 million paid out. It says 41% of home claims have been for food spoilage and these have been processed and paid out to members quickly. 

RACQ’s panel of builders have completed 1960 make-safes, and 6000 assessments have been carried out, with 1864 repairs under way. In motor, 57% of 739 claims have been finalised, with $5.1 million already paid out in claims. 

Mr Sayers says the severity of the damage has been less than the 2022 floods. 

“We have received a significant number of claims, the largest in our history,” Mr Sayers said. “A large portion of the damage was caused by water ingress through the roof, minor flash flooding or fallen trees ... We have a strong network of suppliers and builders who will remain on the ground for as long as it takes to complete the repairs.” 

RACQ also has builders and suppliers in Ingham and Townsville completing repairs after severe February floods, with a number of homes requiring significant repairs. 

Repairs are under way at 33% of damaged homes, 85% of motor claims have been finalised and RACQ has paid out $7.4 million in related claims. 

Community groups can apply for an RACQ Foundation grant as part of a special funding round worth $500,000. The funds can be used to purchase equipment, rebuild infrastructure and restore technology. Applications close on April 28. 

The Insurance Council of Australia last week said insurers have received 95,000 Alfred claims and 10,000 north Queensland flood claims, for a total value of $1.2 million.