RACQ Insurance reported earnings of $33.5 million in the year to June 30, down sharply from $64.3 million in the previous corresponding period as weather-related expenses more than doubled.

Total weather event costs were $115 million after reinsurance recoveries, up from $50.6 million the previous year, hiked by floods in Townsville over 10 days from late January, and the Gympie hailstorm.

RACQ Insurance paid more than $800 million in insurance claims to members throughout the year.

Revenue hit a record $1.46 billion, up 20% from a year earlier. Net assets rose 2.6% to $1.44 billion, according to financial statements lodged with the Australian Securities and Investments Commission.

Membership of RACQ, which holds its annual meeting of shareholders on November 19, rose to 1.77 million from 1.72 million in 2018, including 1.6% growth in roadside assistance membership.

Outgoing CEO Ian Gillespie says he is delighted strong growth has occurred in the Roadside Assistance business, ensuring RACQ remains relevant in its core areas while it expands into new sectors.

Suncorp’s David Carter, currently CEO Banking and Wealth, takes over in RACQ's top role when Mr Gillespie departs at the end of December.