The Insurance Council of Australia (ICA) has released its first estimate of the claims cost for ex-Tropical Cyclone Jasper and the Christmas and New Year floods, totalling $743 million. 

The floods, which primarily affected Queensland but also hit parts of NSW and Victoria between December 23 and January 3, account for $541 million in insured losses from 70,905 claims.

Ex-Tropical Cyclone Jasper, which struck northern parts of Queensland in mid-December, resulted in 8068 claims amounting to just above $200 million. 

The ICA and insurers are currently hosting consultation forums in Cairns for affected policyholders and have announced further events in south-east Queensland communities between January 31 and February 2.

ICA CEO Andrew Hall encourages all affected policyholders to contact their insurer and lodge a claim for any losses caused by the recent events, which were both declared insurance catastrophes.

“These two severe weather events have had a significant impact on many, and insurers are committed to supporting their customers through this challenging time,” Mr Hall said.

Mr Hall also highlights that insurers are alerted to further cyclone warnings for coastline areas between Cairns and Mackay, with winds of upwards of 140km/h expected to hit the region in the next 24 hours. The cyclone, set to be named Kirrily, is likely to bring significant flooding to impacted communities. 

“Insurers are closely monitoring the situation in Queensland as it is clear we are still moving through the summer season of tropical weather with another potential cyclone forming in the Coral Sea,” Mr Hall said.